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July 27, 2005 Stock Pick: Magna Entertainment Corp. (MECA)

Stock Price: $6.70

Magna Entertainment Corp. is North America's number one (based on revenue) owner and operator of horse racetracks including wagering operations. The company also owns and operates, a national Internet and telephone account wagering system.

Pennsylvania is currently in the process of deciding which venues in the state will receive slot licenses. Its a real possibility that Magna Entertainment will partner with another gaming company and receive a slots license through a joint venture . If this happens, MECA will have reason to move much higher.

Longer term, California could pass a bill legalizing slots. Right now, MECA operates the three largest horse racetracks in the state. This is just another catalyst for MECA.

MECA has been in a solid uptrend since the beginning of May and is about to move through resistance at $7.00. MECA has more reason to move up than down, and long term this could be a 100%+ winner for patient investors. There are 107.4 million shares outstanding, but only $39.5 in the float.

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