Item 7.01 Regulation FD Disclosure

On November 26, 2008, the Registrant issued a press release announcing a new financing, extensions of financing arrangements and proposed restructuring arrangement. The full text of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

The information contained under this Item 7.01 (including Exhibit 99.1) shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements And Exhibits.

(d) Exhibits

Exhibit 99.1 Press release "Magna Entertainment Corp. Announces New Financing, Extensions of Financing Arrangements and Proposed Reorganization of MI Developments" dated November 26, 2008.