<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-2000 <PERIOD-START> JAN-01-2000 <PERIOD-END> MAR-31-2000 <CASH> 65,316 <SECURITIES> 419,108 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 553,519 <PP&E> 730,683 <DEPRECIATION> 1,224 <TOTAL-ASSETS> 1,397,338 <CURRENT-LIABILITIES> 70,982 <BONDS> 497,710 <PREFERRED-MANDATORY> 426,277 <PREFERRED> 0 <COMMON> 39 <OTHER-SE> 343,578 <TOTAL-LIABILITY-AND-EQUITY> 1,397,338 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 26,776 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 5,866 <INCOME-PRETAX> (24,811) <INCOME-TAX> 0 <INCOME-CONTINUING> (24,811) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (24,811) <EPS-BASIC> (0.77) <EPS-DILUTED> (0.77)