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Magna Entertainment Corp. (MEC) and Forest City Enterprises have entered into a joint venture partnership agreement concerning the planned development of "The Village at Gulfstream Park™", a 55-acre, mixed-use retail, entertainment and residential project in Hallandale Beach, Florida.

Under the agreement with MEC, Forest City will manage the development of The Village at Gulfstream Park, secure financing for the project and act as the property manager. Each of Forest City and MEC will hold a 50% interest in the joint venture, which will lease the land underlying the retail project on a long-term basis from MEC.

Forest City
Forest City Enterprises, Inc. is a $10 billion NYSE-listed national real estate company. The Company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. http://www.forestcity.net

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MEC
MEC is North America’s largest owner and operator of horse racetracks, based on revenue. It develops, owns and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBet®, a national Internet and telephone account wagering system, and Horse Racing TV™, a 24-hour horse racing television network, as well as RaceONTV™ and MagnaBet™.http://www.magnaent.com