<ARTICLE> 5 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> DEC-31-1999 <PERIOD-START> JAN-01-1999 <PERIOD-END> MAR-31-1999 <CASH> 162,057,000 <SECURITIES> 46,170,000 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 208,959,000 <PP&E> 361,293,000 <DEPRECIATION> 38,000 <TOTAL-ASSETS> 662,846,000 <CURRENT-LIABILITIES> 104,470,000 <BONDS> 161,707,000 <COMMON> 23,000 <PREFERRED-MANDATORY> 301,957,000 <PREFERRED> 0 <OTHER-SE> 60,320,000 <TOTAL-LIABILITY-AND-EQUITY> 662,846,000 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 11,875,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 1,433,000 <INCOME-PRETAX> (10,444,000) <INCOME-TAX> 0 <INCOME-CONTINUING> (10,444,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (10,444,000) <EPS-PRIMARY> (0.45) <EPS-DILUTED> (0.45)