<ARTICLE> 5
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996
<PERIOD-START>                             JAN-01-1996
<PERIOD-END>                               MAR-31-1996
<CASH>                                     661,945,000
<SECURITIES>                                         0
<RECEIVABLES>                               10,929,000
<ALLOWANCES>                               (1,143,000)
<INVENTORY>                                          0
<CURRENT-ASSETS>                            16,784,000
<PP&E>                                     766,268,000
<DEPRECIATION>                            (50,184,000)
<TOTAL-ASSETS>                           1,592,693,000
<CURRENT-LIABILITIES>                      139,796,000
<BONDS>                                  1,134,122,000
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                       303,000
<OTHER-SE>                                 292,074,000
<TOTAL-LIABILITY-AND-EQUITY>             1,592,693,000
<SALES>                                              0
<TOTAL-REVENUES>                            18,434,000
<CGS>                                                0
<TOTAL-COSTS>                               12,629,000
<OTHER-EXPENSES>                            21,798,000
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                          24,711,000
<INCOME-PRETAX>                           (42,682,000)
<INCOME-TAX>                                    42,000
<INCOME-CONTINUING>                       (42,724,000)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                              (42,724,000)
<EPS-PRIMARY>                                   (1.41)
<EPS-DILUTED>                                        0