Press Room

MAGNA ENTERTAINMENT AND FOREST CITY RECEIVE FINAL APPROVAL FOR DEVELOPMENT AT GULFSTREAM PARK

November 15, 2006, Aurora, Ontario, Canada and Cleveland, Ohio....Magna Entertainment Corp. ("MEC") (NASDAQ: MECA; TSX: MEC.A) and Forest City Enterprises, Inc. ("Forest City") (NYSE: FCEA) (NYSE: FCEB) today announced that MEC and Forest City have received final approval from the city of Hallandale Beach, Florida for the development of The Village at Gulfstream Park, paving the way for a planned Spring 2007 groundbreaking for Phase 1 of the 60-acre, master-planned lifestyle destination.

The Village at Gulfstream Park, to be built around MEC’s premier thoroughbred racetrack, will offer world-class fashion and home accessory shops, destination retailers, signature restaurants, outdoor cafes, unique entertainment options and an appealing residential live/work environment. The first phase will include 375,000 square feet of lifestyle retail, featuring 70 upscale shops and specialty stores and 70,000 square feet of office space. It is expected to be up and running in Fall 2008.

The Village at Gulfstream Park, to be built over 15 years, calls for 1,500 condos, 750,000 square feet of retail space, 140,000 square feet of office space, a 500-room hotel and a 2,500-seat cinema. The project will involve the construction of 225 affordable/workforce-housing units both on the site itself and in neighborhoods within the city. When complete, it is expected to generate more than $22 million in taxes and create more than 2,800 permanent jobs.

"With the successful approval of the entitlements we look forward to the many benefits of the combination of Gulfstream´s extraordinary location and entertainment experience with the capabilities of Forest City, one of the pre-eminent development companies in the United States, which puts us in a position to create a compelling retail-entertainment destination for virtually every type of consumer,” said Frank Stronach, Chairman of MEC.

The Village at Gulfstream Park is located in the heart of the Miami, Dade, Broward, and West Palm Beach area, one of the largest and fastest growing regions in the United States. The City of Hallandale Beach, is conveniently situated along US1, the premier commercial corridor of all of South Florida and near I-95, the major north/south interstate along the Eastern United States.

"Forest City is extremely pleased to have received final project approval for the project. Given the unique integration with MEC´s premier thoroughbred horse racing facility, The Village will be one of the highest profile, most exciting and vibrant developments of its kind in the country," commented Brian Ratner, President of East Coast Development, Forest City. "Our vice president of retail leasing is in Europe right now talking with potential tenants to bring unique retailers to this location."

MEC, North America´s number one owner and operator of horse racetracks, based on revenue, acquires, develops and operates horse racetracks and related pari-mutuel wagering operations, including off-track betting facilities. Additionally, MEC owns and operates XpressBetTM, a national Internet and telephone account wagering system, and HorseRacing TVTM, a 24-hour horse racing television network.

Forest City Enterprises, Inc. is an $8-billion, NYSE-listed real estate company headquartered in Cleveland, Ohio. The company is principally engaged in the ownership, development, acquisition management of commercial and residential real estate and land throughout the United States. The company’s portfolio includes interests in properties in 25 states and the District of Columbia.

With respect to Magna Entertainment Corp.:

This press release may contain “forward-looking statements” within the meaning of applicable securities legislation, including the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, among others, statements regarding: expectations as to operational improvements; expectations as to cost savings, revenue growth and earnings; the time by which certain objectives will be achieved; proposed new racetracks or other developments, products and services; projections, predictions, expectations, estimates or forecasts as to our financial and operating results and future economic performance; and other matters that are not historical facts. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. Undue reliance should not be placed on such statements. Forward-looking statements are based on information available at the time and/or management´s good faith assumptions and analysis made in light of our perception of current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances and are subject to known and unknown risks, uncertainties and other unpredictable factors, many of which are beyond the Company´s control, that could cause actual events or results to differ materially from such forward-looking statements. Other potential risks and uncertainties relating to MEC and its business are described in MEC´s filings with the Securities and Exchange Commission, specifically the last reports on Forms 10-K and 10-Q.

Forward-looking statements speak only as of the date the statements were made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect thereto or with respect to other forward-looking statements.

With respect to Forest City Enterprises, Inc.:

Safe Harbor Language Statements made in this news release that state Forest City´s or management´s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that Forest City´s actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, real estate development and investment risks, economic conditions in Forest City´s core markets, reliance on major tenants, the impact of terrorist acts, Forest City´s substantial leverage and the ability to service debt, guarantees under Forest City´s credit facility, changes in interest rates, continued availability of tax-exempt government financing, the sustainability of substantial operations at the subsidiary level, significant geographic concentration, illiquidity of real estate investments, dependence on rental income from real property, conflicts of interest, competition, potential liability from syndicated properties, effects of uninsured loss, environmental liabilities, partnership risks, litigation risks, risks associated with an investment in a professional sports franchise, and other risk factors as disclosed from time to time in Forest City´s SEC filings, including, but not limited to, Forest City´s Annual Report on Form 10-K for the fiscal year ended January 31, 2006.

For more information contact:

Blake Tohana Executive Vice-President and CFO
Magna Entertainment Corp.
337 Magna Drive Aurora,
Ontario L4G 7K1
905-726-7493

Forest City Enterprises, Inc
Thomas G. Smith, 216-621-6060
Thomas T. Kmiecik, 216-621-6060
http://www.forestcity.net/