<ARTICLE> 5 <MULTIPLIER> 1,000 <PERIOD-TYPE> YEAR <FISCAL-YEAR-END> DEC-31-1996 <PERIOD-START> JAN-01-1996 <PERIOD-END> DEC-31-1996 <CASH> 1,174,369 <SECURITIES> 0 <RECEIVABLES> 12,106 <ALLOWANCES> 0 <INVENTORY> 0 <CURRENT-ASSETS> 2,146,010 <PP&E> 108,736,974 <DEPRECIATION> 18,852,000 <TOTAL-ASSETS> 92,619,587 <CURRENT-LIABILITIES> 45,355,006 <BONDS> 0 <PREFERRED-MANDATORY> 0 <PREFERRED> 49,410 <COMMON> 3,150 <OTHER-SE> 5,030,981 <TOTAL-LIABILITY-AND-EQUITY> 92,619,587 <SALES> 0 <TOTAL-REVENUES> 13,452,126 <CGS> 0 <TOTAL-COSTS> 6,102,478 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 6,277,388 <INCOME-PRETAX> 1,072,260 <INCOME-TAX> 37,000 <INCOME-CONTINUING> 1,035,260 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 1,035,260 <EPS-PRIMARY> .13 <EPS-DILUTED> .13