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The board of directors of Magna Entertainment Corp. on Friday approved a reverse stock split that will grant one share of stock for every 20 that a shareholder already owns, effective on or about July 22, the company said. Magna is seeking the reverse stock approval in order to comply with Nasdaq regulations requiring all listed companies to trade for $1 or more for a 10-day period in each calendar year. Magna's stock closed on Friday at 41 cents. . . . Five $40,000 stakes named in honor of locales in New Orleans will be offered at the inaugural Quarter Horse meet at Fair Grounds on Aug. 20-24. The stakes are the opening-day City Park Stakes, a stakes tripleheader on Aug. 23 that includes the Mid-City Stakes, Lakeview Stakes, and and the Garden District Stakes, and the closing-day Vieux Carre Stakes.