Magna Entertainment Corp said on Thursday that immediate and drastic action was needed to improve its money-losing performance, and said it has hired a former executive to conduct a strategic review.

The company, which operates horse racetracks, made the announcement as it reported a smaller second-quarter loss than a year earlier.

Magna Entertainment said it lost $23.4 million, or 22 cents a share, in the three months ended June 30, down from a loss of $26.3 million, or 25 cents a share, in the same 2006 period.

It also said it plans to sell property in Dixon, California, Ocala, Florida, and Porter, New York.