Exhibit 10.5

        THIS FOURTH AMENDING AGREEMENT, made as of the 29th day of September,
2006.

BETWEEN:

MAGNA ENTERTAINMENT CORP.,
a corporation incorporated under the laws of the
State of Delaware

(hereinafter called the "Borrower"),

OF THE FIRST PART,

— and —

MID ISLANDI SF.,
a partnership formed under the laws of Iceland,
acting through its Zug branch

(hereinafter called the "Lender"),

OF THE SECOND PART,

— and —

MEC PENNSYLVANIA RACING, INC.,
a corporation incorporated under the laws of the
Commonwealth of Pennsylvania,

— and —

WASHINGTON TROTTING ASSOCIATION, INC.,
a corporation incorporated under the laws of the
State of Delaware,

— and —

MOUNTAIN LAUREL RACING, INC.,
a corporation incorporated under the laws of the
State of Delaware

(hereinafter collectively called the "Meadows Guarantors"),

OF THE THIRD PART,

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— and —

PACIFIC RACING ASSOCIATION,
a corporation incorporated under the laws of the
State of California,

— and —

MEC LAND HOLDINGS (CALIFORNIA) INC.,
a corporation incorporated under the laws of the
State of California

(hereinafter collectively called the "Golden Gate
Fields Guarantors"),

OF THE FOURTH PART,

— and —

THE SANTA ANITA COMPANIES, INC.,
a corporation incorporated under the laws of the
State of Delaware,

— and —

LOS ANGELES TURF CLUB, INCORPORATED,
a corporation incorporated under the laws of the
State of California

(hereinafter collectively called the "Santa Anita
Guarantors"),

OF THE FIFTH PART,

— and —

GULFSTREAM PARK RACING ASSOCIATION, INC.,
a corporation incorporated under the laws of the
State of Florida

(hereinafter called the "Gulfstream Guarantor"),

OF THE SIXTH PART,

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— and —

GPRA THOROUGHBRED TRAINING CENTER, INC.,
a corporation incorporated under the laws of the
State of Delaware

(hereinafter called the "Palm Meadows Training
Guarantor"),

OF THE SEVENTH PART,

— and —

SLRD THOROUGHBRED TRAINING CENTER, INC.,
a corporation incorporated under the laws of the
State of Delaware

(hereinafter called the "San Luis Rey Downs
Guarantor"),

OF THE EIGHTH PART,

— and —

MEC DIXON, INC.,
a corporation incorporated under the laws of the
State of Delaware

(hereinafter called the "Dixon Guarantor"),

OF THE NINTH PART,

— and —

SUNSHINE MEADOWS RACING INC.,
a corporation incorporated under the laws of the
State of Delaware

(hereinafter called the "Ocala Guarantor") (the
Meadows Guarantors, the Golden Gate Fields
Guarantors, the Santa Anita Guarantors, the
Gulfstream Guarantor, the Palm Meadows Training
Guarantor, the San Luis Rey Downs Guarantor, the
Dixon Guarantor and the Ocala Guarantor
hereinafter collectively called the "Original
Guarantors"),

OF THE TENTH PART,

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— and —

OTL, INC.,
a corporation incorporated under the laws of the
State of New York

— and —

DLR, INC.,
a corporation incorporated under the laws of the
State of New York

(hereinafter collectively called the "New York
Lands Guarantors"),

OF THE ELEVENTH PART,

— and —

PALM MEADOWS ESTATES, LLC,
a corporation incorporated under the laws of the
State of Delaware

(hereinafter called the "Palm Meadows
Residential Guarantor"),

OF THE TWELFTH PART,

— and —

THISTLEDOWN, INC.,
a corporation incorporated under the laws of the
State of Ohio

(hereinafter called the "Thistledown Guarantor",
and together with the New York Lands Guarantors
and the Palm Meadows Residential Guarantors, the
"Additional Guarantors"),

OF THE THIRTEENTH PART,

— and —

MEC MARYLAND INVESTMENTS, INC.,
a corporation incorporated under the laws of the
State of Delaware,

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— and —

30000 MARYLAND INVESTMENTS LLC,
a limited liability company formed under the
Delaware Limited Liability Company Act

(hereinafter collectively called the "AmTote
Guarantors"),

OF THE FOURTEENTH PART.

        WHEREAS the Lender, as lender, the Borrower, as borrower, and the
Original Guarantors, as guarantors, are parties to a bridge loan agreement made
as of July 22, 2005 (the "Original Bridge Loan Agreement"), as supplemented and
amended by a bridge loan consent and waiver agreement made as of October 14,
2005 (the "Bridge Loan Consent and Waiver Agreement"), as amended by a first
amending agreement (the "First Bridge Loan Amending Agreement") made as of
February 1, 2006 between the Lender, as lender, the Borrower, as borrower, the
Original Guarantors, as guarantors, and the Additional Guarantors, as
guarantors, as amended by a second amending agreement (the "Second Bridge Loan
Amending Agreement") made as of July 26, 2006 between the Lender, as lender, the
Borrower, as borrower, the Original Guarantors, as guarantors, and the
Additional Guarantors, as guarantors, and as further amended by a third amending
agreement (the "Third Bridge Loan Amending Agreement") made as of September 26,
2006 between the Lender, as lender, the Borrower, as borrower, the Original
Guarantors, as guarantors, and the Additional Guarantors, as guarantors
(the Original Bridge Loan Agreement, as amended by the Bridge Loan Consent and
Waiver Agreement, the First Bridge Loan Amending Agreement, the Second Bridge
Loan Amending Agreement and the Third Bridge Loan Amending Agreement, being
referred to herein as the "Bridge Loan Agreement");

        AND WHEREAS in connection with the acquisition of all of the remaining
issued and outstanding shares of AmTote International, Inc., by the AmTote
Guarantors, each of the AmTote Guarantors has provided a guarantee and related
security in respect of the obligations of the Borrower under the Bridge Loan
Agreement, and has become a party to the Bridge Loan Agreement;

        AND WHEREAS the Lender, the Borrower, the Original Guarantors, the
Additional Guarantors and the AmTote Guarantors (the Original Guarantors, the
Additional Guarantors and the AmTote Guarantors being collectively referred to
herein as the "Guarantors") have agreed to amend the Bridge Loan Agreement in
certain respects as set out herein;

        NOW THEREFORE, in consideration of the mutual covenants and agreements
set forth in this Agreement and the sum of Ten Dollars ($10.00) paid by each of
the parties hereto to the other and for other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the parties
hereto covenant and agree as follows:

1.Definitions.    Unless otherwise defined herein, all capitalized terms used in
this agreement (this "Agreement") shall have the respective meanings ascribed to
them in the Bridge Loan Agreement.

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2.Representations and Warranties.    The Borrower and the Guarantors jointly and
severally represent and warrant to and in favour of the Lender, with the intent
that the Lender shall be entitled to rely upon such representations and
warranties in entering into this Agreement and notwithstanding the completion of
the transactions contemplated herein, that: (i) all of the recitals to this
Agreement are true and complete in all material respects; and (ii) there are no
facts, conditions or circumstances that are known to the Borrower or any of the
Guarantors and that may reasonably be considered relevant to the Lender's
decision to enter into this Agreement that have not been disclosed in writing to
the Lender.

3.Amendments.    The Bridge Loan Agreement is hereby amended as follows:

(a)by deleting the definition of "AmTote Guarantor" from Section 1.1 of the
Bridge Loan Agreement;

(b)by deleting the definition of "Final AmTote Closing Date" from Section 1.1 of
the Bridge Loan Agreement;

(c)by deleting the definition of "Capital Expenditures" in Section 1.1 of the
Bridge Loan Agreement and replacing it with the following:

"Capital Expenditures" means, for any period, for any Person those expenditures
made in connection with the purchase, lease, license, acquisition, erection,
development, improvement or construction of property of or by such Person
(including any such property acquired pursuant to a Capital Lease Obligation) or
any other expenditures, in all cases, which in accordance with GAAP are
classified as capital expenditures; provided, however, that such term shall not
include those expenditures ("Maintenance Capital Expenditures") that are
(a) required to sustain the capacity level or useful life of existing operating
facilities or (b) required or lawfully imposed under any Environmental Law or
Safety Law, or by any Governmental Body;";

(d)by deleting in its entirety the definition of "Guarantors" in Section 1.1 of
the Bridge Loan Agreement and replacing it with the following:

"Guarantors" means, collectively, (i) The Meadows Guarantors, (ii) the Golden
Gate Fields Guarantors, (iii) the Santa Anita Guarantors, (iv) the Gulfstream
Guarantor, (v) the Palm Meadows Training Guarantor, (vi) the San Luis Rey Downs
Guarantor, (vii) the Dixon Guarantor, (viii) the Ocala Guarantor, (ix) the
New York Lands Guarantors, (x) the Palm Meadows Residential Guarantor, (xi) the
Thistledown Guarantor and (xii) from and after the AmTote Closing Date, includes
the AmTote Guarantors, and in the singular, means any one of the Guarantors
referenced in (i) through (xii);";

(e)by deleting the definition of "Loan Amount" in Section 1.1 of the Bridge Loan
Agreement and replacing it with the following:

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""Loan Amount" means the aggregate of the principal amount of the Bridge Loan,
being comprised of: (i) the principal amount of $50,000,000 made available
pursuant to Tranche 1; (ii) the principal amount of $25,000,000 made available
pursuant to Tranche 2; and (iii) the principal amount of $44,000,000 made
available pursuant to the $25,000,000 Tranche 3 First Sub-tranche and the
$19,000,000 Tranche 3 Second Sub-tranche, as the same may be reduced from time
to time in accordance with the terms hereof;";

(f)by adding in proper alphabetical order the following definition of
"Maintenance Capital Expenditure" to Section 1.1 of the Bridge Loan Agreement:
""Maintenance Capital Expenditure" has the meaning ascribed thereto in the
definition of Capital Expenditure;";

(g)by adding in proper alphabetical order the following definition of
"30000 Maryland" to Section 1.1 of the Bridge Loan Agreement: ""30000 Maryland"
means 30000 Maryland Investments LLC, a limited liability company formed under
the laws of the State of Delaware;";

(h)by adding in proper alphabetical order the following definition of "Second
Closing" to Section 1.1 of the Bridge Loan Agreement: ""Second Closing" has the
meaning ascribed thereto in the Note Agreement;";

(i)by adding in proper alphabetical order the following definition of "Tranche 3
First Sub-tranche" to Section 1.1 of the Bridge Loan Agreement: ""Tranche 3
First Sub-tranche" has the meaning ascribed thereto in Section 2.1(e);";

(j)by adding in proper alphabetical order the following definition of "Tranche 3
First Sub-tranche Arrangement Fee" to Section 1.1 of the Bridge Loan Agreement:
""Tranche 3 First Sub-tranche Arrangement Fee" has the meaning ascribed thereto
in Section 5.3(b);";

(k)by adding in proper alphabetical order the following definition of "Tranche 3
First Sub-tranche Availability Date" to Section 1.1 of the Bridge Loan
Agreement: ""Tranche 3 First Sub-tranche Availability Date" has the meaning
ascribed thereto in Section 2.1(e);";

(l)by adding in proper alphabetical order the following definition of "Tranche 3
Second Sub-tranche" to Section 1.1 of the Bridge Loan Agreement: ""Tranche 3
Second Sub-tranche" has the meaning ascribed thereto in Section 2.1(e);";

(m)by adding in proper alphabetical order the following definition of "Tranche 3
Second Sub-tranche Arrangement Fee" to Section 1.1 of the Bridge Loan Agreement:
""Tranche 3 Second Sub-tranche Arrangement Fee" has the meaning ascribed thereto
in Section 5.3(b);";

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(n)by adding in proper alphabetical order the following definition of "Tranche 3
Second Sub-tranche Availability Date" to Section 1.1 of the Bridge Loan
Agreement: "Tranche 3 Second Sub-tranche Availability Date" has the meaning
ascribed thereto in Section 2.1(e);";

(o)by: (i) deleting the following sentence in Section 2.1(e) of the Bridge Loan
Agreement: "On the first Banking Day on or after January 15, 2006, the maximum
principal amount of the Bridge Loan that shall be available to the Borrower
shall be increased by a further $25,000,000 ("Tranche 3"), subject to the
Tranche 3 Conditions set out in Section 4.2, for a total principal availability
as of such date of $100,000,000." and (ii) replacing it with the following
sentence: "On the first Banking Day on or after January 15, 2006 (the "Tranche 3
First Sub-tranche Availability Date"), the maximum principal amount of the
Bridge Loan that shall be available to the Borrower shall be increased by a
further $25,000,000 (the "Tranche 3 First Sub-tranche"), and on the first
Banking Day on or after September 29, 2006 (the "Tranche 3 Second Sub-tranche
Availability Date"), the maximum principal amount of the Bridge Loan that shall
be available to the Borrower shall be increased by a further $19,000,000
(the "Tranche 3 Second Sub-tranche"), (the Tranche 3 First Sub-tranche and the
Tranche 3 Second Sub-tranche being referred to herein, collectively, as
"Tranche 3"), subject to the Tranche 3 Conditions set out in Section 4.2, for a
total principal availability as of the Tranche 3 First Sub-tranche Availability
Date of $100,000,000, and a total principal availability as of the Tranche 3
Second Sub-tranche Availability Date of $119,000,000.";

(p)by deleting the last sentence of Section 3.1 of the Bridge Loan Agreement;

(q)by deleting the words "Without derogating from the provisions of Sections 3.1
and 8.2" in the first line of Section 4.2 of the Bridge Loan Agreement and
replacing them with the words "Without derogating from the provisions of
Sections 2.1(e), 3.1 and 8.2";

(r)by deleting Section 4.2(e) of the Bridge Loan Agreement and replacing it with
the following:

"Tranche 3 Arrangement Fee: In respect of the Tranche 3 First Sub-tranche only,
the Lender shall have received payment in full of the Tranche 3 First
Sub-tranche Arrangement Fee, and in respect of the Tranche 3 Second Sub-tranche
only, the Lender shall have received payment in full of the Tranche 3 Second
Sub-tranche Arrangement Fee to be paid from Tranche 3 Second Sub-tranche
funds.";

(s)by deleting, in Section 5.1(a)(ii) of the Bridge Loan Agreement, the
following words:

"subject to: (I) minimum amounts of US$10,000,000; (II) not more than five
separate Interest Periods outstanding with respect to Fixed Rate Advances at any
one time; and (III) each Interest Period with respect to separate Fixed Rate
Advance is not to exceed the applicable Interest Period or extend beyond the
Termination Date as the case may be (with interest in each case payable at
maturity of each separate Fixed Rate Advance)",

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and replacing them with the following words:

"provided that, no Interest Period with respect to a separate Fixed Rate Advance
is to exceed the applicable Interest Period or extend beyond the Termination
Date as the case may be (with interest in each case payable at maturity of each
separate Fixed Rate Advance)";

(t)by deleting the "." at the end of Section 5.1(a)(ii) of the Bridge Loan
Agreement and replacing it with a ",";

(u)by adding, at the end of Section 5.1(a) of the Bridge Loan Agreement, the
following words:

"provided that, in the event that the Second Closing does not occur by
November 7, 2006, all outstanding and any future Advances under the Loan shall
bear interest from and after such date at the lesser of (a) the rate applicable
to such type of Advance (determined as provided above) plus 250 bps per annum
and (b) the highest rate permitted by Applicable Law.";

(v)by deleting, in Section 5.3(b) of the Bridge Loan Agreement, the following
words:

"on the date, if any, on which all or part of Tranche 3 is made available to the
Borrower, an arrangement fee (the "Tranche 3 Arrangement Fee") of $500,000,
being 2% of the Tranche 3 Loan Amount",

and replacing them with the following words:

"on: (A) the date, if any, on which all or part of Tranche 3 First Sub-tranche
is made available to the Borrower, an arrangement fee (the "Tranche 3 First
Sub-tranche Arrangement Fee") of $500,000, being 2% of the Tranche 3 First
Sub-tranche Loan Amount; and on (B) the date, if any, on which all or part of
Tranche 3 Second Sub-tranche is made available to the Borrower, an arrangement
fee (the "Tranche 3 Second Sub-tranche Arrangement Fee") of $190,000, being 1%
of the Tranche 3 Second Sub-tranche Loan Amount, to be paid out of funds
representing Tranche 3 Second Sub-tranche funds";

(w)by deleting the word "and" immediately after the ";" at the end of
Section 7.1(gg) of the Bridge Loan Agreement;

(x)by deleting the "." at the end of Section 7.1(hh) of the Bridge Loan
Agreement and replacing it with ";";

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(y)by adding, as Section 7.1(ii) of the Bridge Loan Agreement, the following:

"(ii) Tranche 3 Second Sub-tranche. All requests for Advances under the
Tranche 3 Second Sub-tranche shall be materially consistent (to be determined by
the Lender in its sole and absolute discretion) with the weekly cash flow
forecast reports that the Borrower is required to deliver to MI
Developments Inc. and the Tranche 3 Second Sub-tranche shall be used solely to
fund: (i) operations and financing activities (including mandatory payments of
principal or interest due and owing and the Tranche 3 Second Sub-tranche
Arrangement Fee), provided that the making of any such payment is not prohibited
by this Agreement and will not result in an Unmatured Event of Default or an
Event of Default under this Agreement); (ii) Maintenance Capital Expenditures;
and (iii) Capital Expenditures required pursuant to the terms of the joint
venture arrangements with Forest City Enterprises, Inc. and Caruso Affiliated.
For greater certainty, the payment of consideration to MI Developments Inc. in
connection with any future Option Amendment and Extension Agreements to be
entered into by Michigan Racing, Inc., the Borrower and MI Developments Inc.
shall be a permitted use of funds from the Advances under the Tranche 3 Second
Sub-tranche;";

(z)by adding, as Section 7.1(jj) of the Bridge Loan Agreement, the following:

"(jj) Updated Borrower Recapitalization Plan. On or before the earlier to occur
of (a) October 31, 2006 and (b) the tenth Banking Day following the Lender's
delivery to the Borrower of a notice that the Lender has determined, acting
reasonably, that the Second Closing is not likely to occur on or before
November 7, 2006, the Borrower shall deliver to the Lender a revised and updated
plan, approved and adopted by the Borrower's board of directors, to recapitalize
the Borrower and its Subsidiaries and to revise the business plan of the
Borrower and its Subsidiaries, which plan shall be in form, scope and terms
satisfactory to the Lender in its sole and absolute discretion; provided,
however, that the delivery of such plan shall in no way affect, or constitute a
waiver of, any rights or remedies of the Lender under this Agreement, including
without limitation, the right of the Lender to exercise its remedies as a result
of the occurrence of an Event of Default under Section 9.1(o) hereof; and";

(aa)by adding, as Section 7.1(kk) of the Bridge Loan Agreement, the following:

"(kk) Notice of Second Closing. The Borrower shall (a) forthwith upon receipt
provide the Lender with a copy of any written notices, or advise the Lender in
writing of any oral communications, which the Borrower has received from PA
Meadows, LLC or any of its officers, employees, agents or representatives that
the Second Closing will not occur on or before November 7, 2006, and
(b) promptly advise the Lender of any circumstances of which the Borrower is or
becomes aware that could result in the Second Closing not occurring on or before
November 7, 2006.";

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(bb)by deleting Section 7.2(b) of the Bridge Loan Agreement and replacing it
with the following:

"(b) Capital Expenditures. Without the Lender's prior written approval,
exercisable in the Lender's sole discretion, incur or commit or agree to incur
any Capital Expenditures, or any lienable work to be done to or for the benefit
of any of the Properties, except for (i) in accordance with the Borrower
Recapitalization Plan, (ii) the Construction (as defined in and permitted by the
Remington Construction Loan Agreement), (iii) the Reconstruction (as defined in
and permitted by the Gulfstream Construction Loan Agreement), (iv) as required
pursuant to the terms of the joint venture arrangements with Forest City
Enterprises, Inc. and Caruso Affiliated and (v) emergency repairs;";

(cc)by deleting Section 7.2(f) of the Bridge Loan Agreement and replacing it
with the following:

(f)"Investments; Acquisitions. Engage directly or indirectly in any business
activity unrelated to its Core Line of Business, or purchase or otherwise
acquire or make any investment in any properties or assets, or permit or
otherwise undertake any Acquisitions; provided, however, that the Borrower may:

(i)make investments in Cash Equivalents in amounts and pursuant to terms
acceptable to the Lender, acting reasonably; and

(ii)acquire, in one or more transactions, through MEC Maryland (the Borrower's
Subsidiary that currently owns shares in AmTote International, Inc. ("AmTote"))
or through 30000 Maryland (an Affiliate of MEC Maryland), all of the issued and
outstanding shares of AmTote that MEC Maryland does not currently own, at an
aggregate cost not to exceed $14.75 million, provided that on the date that MEC
Maryland or 30000 Maryland acquires such shares of AmTote (an "AmTote Closing
Date"), MEC Maryland shall transfer to 30000 Maryland all of the issued and
outstanding shares of AmTote that MEC Maryland owns, and the Lender shall
have received:

(A)(i) duly executed and delivered original copies of a guarantee, in a form
satisfactory to the Lender, executed by 30000 Maryland; (ii) duly executed and
delivered original copies of a share pledge agreement, in a form satisfactory to
the Lender, executed by 30000 Maryland and AmTote; (iii) duly executed and
delivered original copies of a guarantee, in a form satisfactory to the Lender,
executed by MEC Maryland (MEC Maryland and 30000 Maryland being defined herein,
collectively, as the "AmTote Guarantors"), together with such other security in
respect of the AmTote Guarantors as the Lender may require, in each case as
security for the Indebtedness (collectively, the "AmTote Security"), which
AmTote Security shall rank second only to the guarantees and share pledge
agreement and related security from the AmTote Guarantors, if any, (the "BMO
AmTote Security") to be given to BMO as further security under the BMO Credit
Agreement (it being agreed by the Lender that such BMO AmTote Security shall be
a Permitted Encumbrance);

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(B)evidence of registration of the AmTote Security in such jurisdictions as the
Lender may require together with search reports in the name of the Borrower and
the AmTote Guarantors as may be required by the Lender;

(C)the following in form and substance satisfactory to the Lender:

1.an Officer's Certificate dated as of the AmTote Closing Date certifying that
attached thereto are true and correct copies of the following documents, and
that such documents are in full force and effect, unamended;

a.the articles or constating documents of the AmTote Guarantors; and

b.the by-laws or other organizational documents of the AmTote Guarantors;

2.a certificate of incumbency including sample signatures of officers and
directors of the AmTote Guarantors;

3.the resolutions or other documentation evidencing that all necessary action,
corporate or otherwise, has been taken by the AmTote Guarantors to authorize the
execution, delivery and performance of the AmTote Security to which it is a
party; and

4.a certificate of status, certificate of good standing or similar certificate
with respect to the jurisdiction of incorporation of each of the AmTote
Guarantors; and

(D)an opinion of Borrower's counsel, in form and substance satisfactory to the
Lender;"; and

(dd)by deleting the words "a grid promissory note in the amount of One Hundred
Million Dollars ($100,000,000.00) from the Borrower in favour of the Lender
(the "Borrower Note")" in Section 8.1(h)(i) of the Bridge Loan Agreement" and
replacing them with the following words "an amended and restated grid promissory
note in the amount of One Hundred and Nineteen Million Dollars ($119,000,000)
from the Borrower in favour of the Lender (the "Borrower Note")";

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(ee)by deleting the "." at the end of Section 9.1(n) of the Bridge Loan
Agreement and replacing it with "; or"; and

(ff)by adding, as Section 9.1(o) of the Bridge Loan Agreement, the following:

"(o) the Second Closing does not occur on or before November 7, 2006 or the
Lender, acting reasonably, determines that the Second Closing is not likely to
occur on or before November 7, 2006.".

4.Condition Precedent.    The amendments contained in Sections 3.1(a), (b), (d),
(g), and (cc) of this Agreement (the "AmTote Amendments") shall be effective,
notwithstanding the date of this Agreement, as of August 28, 2006. The
amendments contained in this Agreement (other than the AmTote Amendments) shall
be conditional upon the satisfaction (or waiver by the Lender) of all of the
following conditions (collectively, the "Conditions Precedent"): (i) the Lender
receiving the Tranche 3 Second Sub-tranche Arrangement Fee of One Hundred and
Ninety Thousand Dollars ($190,000) paid from funds representing Tranche 3 Second
Sub-tranche funds; (ii) the complete truth and accuracy of the representations
and warranties set forth in Section 2 of this Agreement; and (iii) the Lender
receiving opinions from counsel to the Borrower and to the Guarantors, in form
and substance satisfactory to the Lender, confirming, inter alia, the due
authorization, execution and delivery of this Agreement by the Borrower and each
of the Guarantors, the enforceability of this Agreement in accordance with its
terms, and the continued enforceability of each of the guarantees and
indemnities given by the Guarantors in respect of the Indebtedness. The
Conditions Precedent are strictly inserted for the benefit of the Lender and may
be waived, in whole or in part, at any time and from time to time, by the Lender
at the Lender's sole and absolutely unfettered discretion.

5.Confirmation of Amended Bridge Loan Agreement.    The Bridge Loan Agreement,
as amended by this Agreement, is hereby ratified and confirmed in all respects
and time shall remain of the essence. After the date hereof (subject to the
satisfaction or waiver of all Conditions Precedent), all references in each Loan
Document to the Credit Agreement or Loan Agreement shall be deemed to be a
reference to the Bridge Loan Agreement as amended by this Agreement.

6.Guarantor Confirmation.    Each of the Guarantors hereby acknowledges that it
has read this Agreement and consents to the terms thereof, and hereby confirms
and agrees that, notwithstanding the effectiveness of this Agreement, the
obligations of each Guarantor under its applicable Guaranty shall not be
impaired or affected and the applicable Guaranty is, and shall continue to be,
in full force and effect and is, and the obligations of such Guarantor
thereunder are, hereby confirmed and ratified in all respects.

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7.Certain Provisions relating to The Meadows Guarantors.    To the extent that
the provisions set forth herein amend the rights and obligations of The Meadows
Guarantors from those set forth in the Bridge Loan Agreement (as it exists prior
to being amended by this Agreement), such amendments, solely with respect to
each of The Meadows Guarantors, will not be operative unless approved by The
State Harness Racing Commission of Pennsylvania under 58 Pa. Code
Section 185.22; provided, however, that the obligations of The Meadows
Guarantors set forth in the Bridge Loan Agreement (as it exists prior to being
amended by this Agreement) shall continue in full force and effect until such
approval is obtained. Each of The Meadows Guarantors covenants that in the event
that the Second Closing does not occur by the Deadline Date (as defined in the
Note Agreement):

(a)The Meadows Guarantors shall promptly seek such approval, and further
covenants that they will not take any act (or omit to take any act) that
disqualifies them from applying, obtaining, maintaining or receiving a license
under the Pennsylvania Race Horse Development and Gaming Act, 4 Pa. C.S.A.
Sections 1101-1904 (2004) or related regulations as in effect from time to
time; and

(b)If so requested by the Lender, the Meadows Guarantors shall take all acts
necessary to increase the amount secured by The Meadows Guarantee including,
without limitation, delivering to the Lender, in form satisfactory to the Lender
and its counsel:

(i)a perfected amending agreement (the "The Meadows Mortgage Amendment")
increasing the principal amount secured under The Meadows First Mortgage to an
amount acceptable to the Lender, acting reasonably;

(ii)at the expense of the Borrower, an amendment to the existing title insurance
policy in respect of The Meadows First Mortgage increasing the amount of
coverage thereunder to an amount acceptable to the Lender, acting reasonably;

(iii)such opinions as the Lender determines, in its sole and absolute
discretion, to be appropriate; and

(iv)such other consents, assignments, mortgages, security agreements and
undertakings relating to The Meadows Property and other documentation in support
thereof as the Lender and its counsel shall reasonably require.

8.Additional Security.    As soon as reasonably practical after the date hereof,
the Borrower shall deliver to the Lender, in form satisfactory to the Lender and
its counsel:

(a)a perfected amending agreement (the "Santa Anita Mortgage Amendment")
increasing the principal amount secured under The Santa Anita Third Mortgage to
an amount acceptable to the Lender, acting reasonably;

14

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(b)a perfected amending agreement (the "Golden Gate Fields Mortgage Amendment")
increasing the principal amount secured under The Golden Gate Fields Mortgage to
an amount acceptable to the Lender, acting reasonably;

(c)at the expense of the Borrower, an amendment to the existing title insurance
policy or policies in respect of The Santa Anita Third Mortgage and the Golden
Gate Fields Mortgage increasing the amount of coverage thereunder to an amount
acceptable to the Lender, acting reasonably;

(d)such opinions as the Lender determines, in its sole and absolute discretion,
to be appropriate; and

(e)such other consents assignments, mortgages, security agreements and
undertakings relating to the Santa Anita Property and the Golden Gate Property
and other documentation in support thereof as the Lender and its counsel shall
reasonably require.

9.Successors and Assigns.    This Agreement shall enure to the benefit of and
shall be binding on and enforceable by the parties hereto and their respective
successors and permitted assigns.

10.Governing Law.    This Agreement shall be governed by and construed in
accordance with the laws of the State of New York and the federal laws of the
United States of America applicable herein.

11.Time of the Essence.    Time shall be of the essence of this Agreement. If
anything herein is to be done on a day which is not a Business Day, the same
shall be done on the next succeeding Business Day. Where in this Agreement a
number of days is prescribed, the number shall be computed by excluding the
first day and including the last day.

12.Headings, Extended Meanings.    The headings in this Agreement are inserted
for convenience of reference only and shall not constitute a part hereof and are
not to be considered in the interpretation hereof. In this Agreement, words
importing the singular include the plural and vice versa; words importing the
masculine gender include the feminine and vice versa; and words importing
persons include firms or corporations and vice versa.

13.Counterparts.    This Agreement may be executed in counterparts and may be
delivered by e-mail and/or facsimile transmission.

        IN WITNESS WHEREOF, the parties hereto have executed this Agreement or
have caused the same to be executed by their duly authorized representatives as
of the date first above written.

15

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      MAGNA ENTERTAINMENT CORP.,
as Borrower
*
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
PACIFIC RACING ASSOCIATION
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
MEC LAND HOLDINGS (CALIFORNIA) INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.          

16

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THE SANTA ANITA COMPANIES, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
LOS ANGELES TURF CLUB, INCORPORATED
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
GULFSTREAM PARK RACING ASSOCIATION, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.          

17

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GPRA THOROUGHBRED TRAINING CENTER, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
SLRD THOROUGHBRED TRAINING CENTER, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
MEC DIXON, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.          

18

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SUNSHINE MEADOWS RACING INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
OTL, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
DLR, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.          

19

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PALM MEADOWS ESTATES, LLC
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
THISTLEDOWN, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.
 
 
MEC MARYLAND INVESTMENTS, INC.
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.          

20

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30000 MARYLAND INVESTMENTS LLC
 
 
By:
          /s/ Blake S. Tohana

--------------------------------------------------------------------------------

      Name: Blake S. Tohana       Title: Executive Vice President
and Chief Financial Officer
 
 
By:
          /s/ William G. Ford

--------------------------------------------------------------------------------

      Name: William G. Ford       Title: Secretary
 
 
 
We have authority to bind the Corporation.          

21

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MID ISLANDI SF.,
ACTING THROUGH ITS ZUG BRANCH
 
 
By:
          /s/ Thomas Schultheiss

--------------------------------------------------------------------------------

      Name: Thomas Schultheiss       Title: Branch Manager
 
 
By:
          /s/ Herta Kessler

--------------------------------------------------------------------------------

      Name: Herta Kessler       Title: Branch Manager
 
 
 
We have authority to bind the Partnership.

22

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