UPDATE 1-Magna Entertainment sets 1-for-20 reverse split

(Adds details. In U.S. dollars unless noted)

TORONTO, July 3 (Reuters) - Magna Entertainment (MECa.TO: Quote, Profile, Research, Stock Buzz) said on Thursday its board approved a reverse stock split that will give shareholders of the racetrack operator one share for each 20 they currently own.

Magna Entertainment, part of a group headed by Canadian auto parts maker Magna International (MGa.TO: Quote, Profile, Research, Stock Buzz), said the reverse stock split will take effect on or about July 22. It affects all shares of common stock, stock options and convertible securities of the company.

The company said its board approved the reverse stock split to allow it to regain compliance with Nasdaq's $1.00 minimum bid price continued listing requirement.

Shares of the company, down nearly 53 percent this year, closed at 45 Canadian cents on the Toronto Stock Exchange on Thursday. On Nasdaq, the shares closed at 41 cents and have not been above $1.00 since Jan. 24.

($1=$1.02 Canadian) (Reporting by Frank Pingue; Editing by Frank McGurty)