<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION FOR THE THREE MONTHS ENDED MARCH
31, 1998 AND THE CONDENSED CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 1998 AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               MAR-31-1998
<CASH>                                          86,639
<SECURITIES>                                         0
<RECEIVABLES>                                      853
<ALLOWANCES>                                        37
<INVENTORY>                                        197
<CURRENT-ASSETS>                                89,740
<PP&E>                                          46,871
<DEPRECIATION>                                   3,347
<TOTAL-ASSETS>                                 170,456
<CURRENT-LIABILITIES>                            6,376
<BONDS>                                            509
<PREFERRED-MANDATORY>                            7,000
<PREFERRED>                                          1 <F1>
<COMMON>                                             7
<OTHER-SE>                                     149,614
<TOTAL-LIABILITY-AND-EQUITY>                   170,456
<SALES>                                          2,056
<TOTAL-REVENUES>                                10,073
<CGS>                                              437
<TOTAL-COSTS>                                    7,512
<OTHER-EXPENSES>                                 2,117
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                                   0
<INCOME-PRETAX>                                  (164)
<INCOME-TAX>                                       193
<INCOME-CONTINUING>                              (357)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     (357)
<EPS-PRIMARY>                                  ($0.19)
<EPS-DILUTED>                                  ($0.19)
<FN>
<F1>REPRESENTS PAR VALUE OF READING ENTERTAINMENT SERIES B PREFERRED STOCK
</FN>