<ARTICLE>                                         5
       
                                               
<PERIOD-TYPE>                                          12-MOS
<FISCAL-YEAR-END>                                 DEC-31-1998
<PERIOD-START>                                    JAN-01-1998
<PERIOD-END>                                      DEC-31-1998
<CASH>                                            204,753,000
<SECURITIES>                                       60,870,000
<RECEIVABLES>                                               0
<ALLOWANCES>                                                0
<INVENTORY>                                                 0
<CURRENT-ASSETS>                                  265,789,000
<PP&E>                                            283,655,000
<DEPRECIATION>                                         21,000
<TOTAL-ASSETS>                                    643,880,000
<CURRENT-LIABILITIES>                              84,823,000
<BONDS>                                           153,033,000
<PREFERRED-MANDATORY>                             294,510,000
<PREFERRED>                                                 0
<COMMON>                                               23,000
<OTHER-SE>                                         77,930,000
<TOTAL-LIABILITY-AND-EQUITY>                      643,880,000
<SALES>                                                     0
<TOTAL-REVENUES>                                            0
<CGS>                                                       0
<TOTAL-COSTS>                                               0
<OTHER-EXPENSES>                                   39,079,000
<LOSS-PROVISION>                                            0
<INTEREST-EXPENSE>                                 14,272,000
<INCOME-PRETAX>                                   (46,101,000)
<INCOME-TAX>                                        2,295,000
<INCOME-CONTINUING>                               (48,396,000)
<DISCONTINUED>                                              0
<EXTRAORDINARY>                                             0
<CHANGES>                                                   0
<NET-INCOME>                                      (48,396,000)
<EPS-PRIMARY>                                           (2.70)
<EPS-DILUTED>                                           (2.70)