Magna Entertainment Corp. files seventeenth default status report

AURORA - Magna Entertainment Corp. filed its seventeenth bi-weekly default status report under National Policy 12-203 of the Canadian Securities Administrators, pursuant to which MEC announced that it would not be filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2008, nor would it be filing quarterly reports on Form 10-Q, with the U.S. Securities and Exchange Commission or the Canadian securities regulators during the period it continues to operate its business as a debtor-in-possession under the United States Bankruptcy Code. Since announcing the original notice of default on March 26, 2009, and filing its first default status report on April 7, 2009, its second default status report on April 28, 2009, its third default status report on May 29, 2009, its fourth default status report on June 12, 2009, its fifth default status report on June 26, 2009, its sixth default status report on July 10, 2009, its seventh default status report on July 24, 2009, its eighth default status report on August 7, 2009, its ninth default status report on August 25, 2009, its tenth default status report on September 9, 2009, its eleventh default status report on September 23, 2009, its twelfth default status report on October 14, 2009, its thirteenth default status report on October 28, 2009, its fourteenth default status report on November 11, 2009, its fifteenth default status report on November 25, 2009 and its sixteenth status report on December 9, 2009, there have not been any material changes to the information contained therein, nor any failure by MEC to fulfill its intentions stated therein, and there are no additional defaults or anticipated defaults subsequent thereto. The Company intends to file its next default status report on January 6, 2010.