<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               JUN-30-1997
<CASH>                                         198,763
<SECURITIES>                                    76,525
<RECEIVABLES>                                    9,790
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               327,175
<PP&E>                                         175,630
<DEPRECIATION>                                  14,380
<TOTAL-ASSETS>                                 614,210
<CURRENT-LIABILITIES>                           33,333
<BONDS>                                        350,000
<PREFERRED-MANDATORY>                          291,353
<PREFERRED>                                          0
<COMMON>                                        82,290
<OTHER-SE>                                   (156,316)
<TOTAL-LIABILITY-AND-EQUITY>                   614,210
<SALES>                                              0
<TOTAL-REVENUES>                                11,601
<CGS>                                                0
<TOTAL-COSTS>                                   32,614
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              10,902
<INCOME-PRETAX>                               (26,348)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                           (26,348)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                  (26,348)
<EPS-PRIMARY>                                        0
<EPS-DILUTED>                                        0