FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

CAMPBELL ANTHONY R 		2. Issuer Name and Ticker or Trading Symbol

MAGNA ENTERTAINMENT CORP [ MECA ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

3. Date of Earliest Transaction (MM/DD/YYYY)

12/16/2008
(Street)

 
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

12/24/2008 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Subordinate Voting Stock   12/16/2008     D    16000   D $1.2764   152958   I   See Note   (1)
Class A Subordinate Voting Stock   12/17/2008     D    400   D $1.1725   152558   I   See Note   (1)
Class A Subordinate Voting Stock   12/18/2008     D    2400   D $1.0042   150158   I   See Note   (1)
Class A Subordinate Voting Stock   12/18/2008     D    34600   D $0.9166   115558   I   See Note   (1)
Class A Subordinate Voting Stock   12/19/2008     D    23400   D $0.7711   92158   I   See Note   (1)
Class A Subordinate Voting Stock   12/22/2008     D    36500   D $0.7099   55658   I   See Note   (1)
Class A Subodinate Voting Stock   12/23/2008     D    16958   D $0.6966   38700   I   See Note   (1)
Class A Subordinate Voting Stock                  2678   D    
Class A Subordinate Voting Stock                  367   I   By IRA  

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option   $2.78                   9/17/2007   9/16/2017   Class A Subordinate Voting Stock   500     500   D    

Explanation of Responses:
( 1)  These shares of Class A Subordinate Voting Stock are owned by Shoshone Partners, L.P., Mulsanne Partners LP and Knott Partners Offshore Master Fund LP and Knott Partners, L.P. as well as a limited number of foreign and domestic individuals and entities (the "Managed Accounts"). The reporting person is a senior analyst of Dorset Management Corporation and a member of Knott Partners Management LLC. Dorset provides investment management services to the Managed Accounts and Knott Partners Management LLC is the sole general partner of Shoshone, Mulsanne and Knott Partners Offshore as well as the managing general partner of Knott Partners, L.P. The reporting person disclaims beneficial ownership of these securities, and the inclusion of these in this report shall not be deemed an admission of beneficial ownership of all of the reported shares for purposes of Section 16 or any other purpose.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
CAMPBELL ANTHONY R

  		X



Signatures
/s/ANTHONY CAMPBELL 1/9/2009
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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