<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