TORONTO, July 3 (Reuters) - Magna Entertainment (MECa.TO: Quote, Profile, Research) 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), said the reverse stock split will be effective on or about July 22 and affects all shares of common stock, stock options and convertible securities of the company. (Reporting by Frank Pingue)