<ARTICLE> 5 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> DEC-31-1998 <PERIOD-START> JAN-01-1998 <PERIOD-END> SEP-30-1998 <CASH> 72,375,000 <SECURITIES> 11,375,000 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 84,376,000 <PP&E> 211,420,000 <DEPRECIATION> 238,000 <TOTAL-ASSETS> 389,694,000 <CURRENT-LIABILITIES> 70,952,000 <BONDS> 144,336,000 <PREFERRED-MANDATORY> 91,838,000 <PREFERRED> 0 <COMMON> 18,000 <OTHER-SE> 47,378,000 <TOTAL-LIABILITY-AND-EQUITY> 389,694,000 <SALES> 0 <TOTAL-REVENUES> 0 <CGS> 0 <TOTAL-COSTS> 0 <OTHER-EXPENSES> 33,963,000 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 11,027,000 <INCOME-PRETAX> (39,221,000) <INCOME-TAX> 38,000 <INCOME-CONTINUING> (39,259,000) <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> (39,259,000) <EPS-PRIMARY> (2.33) <EPS-DILUTED> (2.33)