By Mark McSherry

NEW YORK (Reuters) - Troubled casino company Las Vegas Sands Corp (LVS.N: Quote, Profile, Research) said on Tuesday it priced a public offering of 181.8 million common shares at $5.50 per share, which would raise about $1 billion to shore up its finances.

Sands' shares, which have plummeted from above $122 last December, fell about 33 percent on Tuesday to $5.34.

Sands, one of the casino companies hardest hit by an economic slowdown that has savaged the gambling industry, also said it will sell preferred stock and warrants to the family of Chief Executive Sheldon Adelson.

Analysts said Sands plans to raise a total of $2.14 billion in new capital.

The company's auditor said last week there were doubts about Sands' ability to continue as a going concern.

"It clearly points to the fact that the company is in a do-or-die situation," said Sumit Desai, gaming industry analyst at Morningstar.

Desai added, "What they are doing ... will probably determine whether or not the company actually goes under or whether it can remain as a going concern and as a viable company.

"I think the equity offering is going to be massively dilutive to existing shareholders."