<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE BALANCE
SHEETS AND STATEMENTS OF OPERATIONS AS OF AND FOR THE SIX MONTHS ENDED JUNE 30,
1998 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<CASH>                                          55,557
<SECURITIES>                                   100,207
<RECEIVABLES>                                    2,004
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                               141,131
<PP&E>                                         151,476
<DEPRECIATION>                                (24,369)
<TOTAL-ASSETS>                                 316,529
<CURRENT-LIABILITIES>                           26,280
<BONDS>                                        142,678
<PREFERRED-MANDATORY>                           72,777
<PREFERRED>                                          0
<COMMON>                                           252
<OTHER-SE>                                      39,742
<TOTAL-LIABILITY-AND-EQUITY>                   316,529
<SALES>                                          5,338
<TOTAL-REVENUES>                                 5,338
<CGS>                                            8,093
<TOTAL-COSTS>                                    8,093
<OTHER-EXPENSES>                                 3,313
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             (1,322)
<INCOME-PRETAX>                                (4,746)
<INCOME-TAX>                                   (3,162)
<INCOME-CONTINUING>                            (1,584)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (1,584)
<EPS-BASIC>                                          0
<EPS-DILUTED>                                        0