<ARTICLE> 5
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   9-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-END>                               SEP-30-1998
<CASH>                                         392,350
<SECURITIES>                                   784,493
<RECEIVABLES>                                   29,525
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,261,633
<PP&E>                                         511,204
<DEPRECIATION>                                  62,654
<TOTAL-ASSETS>                               2,026,178
<CURRENT-LIABILITIES>                          101,389
<BONDS>                                      1,503,263
<PREFERRED-MANDATORY>                          543,258
<PREFERRED>                                          0
<COMMON>                                       352,018
<OTHER-SE>                                   (489,846)
<TOTAL-LIABILITY-AND-EQUITY>                 2,026,178
<SALES>                                              0
<TOTAL-REVENUES>                                96,392
<CGS>                                                0
<TOTAL-COSTS>                                  235,292
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              99,050
<INCOME-PRETAX>                              (181,834)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (181,834)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (181,834)
<EPS-PRIMARY>                                   (4.18)
<EPS-DILUTED>                                   (4.18)