FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* GLG Partners LP (Last) (First) (Middle) 1 CURZON STREET (Street) LONDON X0 W1J 5HB (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 06/16/2003	3. Issuer Name and Ticker or Trading Symbol MAGNA ENTERTAINMENT CORP [ MECA ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
8.55% Convertible Subordinated Notes due 2010	06/16/2003	06/15/2010	Class A Subordinated Voting Stock	6,382,980	7.05	I(1)(2)	see note(1)(2)

1. Name and Address of Reporting Person* GLG Partners LP (Last) (First) (Middle) 1 CURZON STREET (Street) LONDON X0 W1J 5HB (City) (State) (Zip)

1. Name and Address of Reporting Person* GLG Partners LTD (Last) (First) (Middle) 1 CURZON STREET (Street) LONDON X0 W1J 5HB (City) (State) (Zip)

1. Name and Address of Reporting Person* GLG Partners, Inc. (Last) (First) (Middle) 390 PARK AVENUE, 20TH FLOOR (Street) NEW YORK NY 10022 (City) (State) (Zip)

Explanation of Responses:

1. GLG Partners LP, an English limited partnership, acts as the investment manager for certain funds which hold 8.55% Convertible Subordinate Notes of the Issuer.

2. GLG Partners LP, an English limited partnership, acts as the investment manager of certain funds and managed accounts and may be deemed, as of the date hereof, to be the beneficial owner of the Issuer's securities held by such funds and managed accounts. GLG Partners Limited, an English limited company, is the general partner of GLG Partners LP. GLG Partners, Inc. indirectly wholly owns GLG Partners Limited. GLG Partners LP, GLG Partners Limited and GLG Partners, Inc. do not hold directly any of the Issuer's securities or derivative securities with respect thereto, and disclaim any beneficial ownership of any of the Issuer's securities reported or excluded herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended, except for their pecuniary interest therein.

Remarks:

	GLG PARTNERS LP, By: GLG Partners Limited, as its General Partner, By: /s/ Victoria Parry, Senior Legal Counsel	01/08/2009
	GLG PARTNERS LP, By: GLG Partners Limited, as its General Partner, By: /s/ Emmanuel Roman, Managing Director	01/08/2009
	GLG Partners Inc., By: /s/ Alejandro R. San Miguel, General Counsel and Corporate Secretary	01/08/2009
	** 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 5 (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).
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