<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED BALANCE SHEET AS OF DEC-31-1998 AND THE RELATED STATEMENTS OF
INCOME AND CASH FLOWS FOR THE 12-MONTH PERIOD THEN ENDED AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               DEC-31-1998
<CASH>                                         319,496
<SECURITIES>                                 1,158,566
<RECEIVABLES>                                   36,115
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,552,157
<PP&E>                                         675,620
<DEPRECIATION>                                  81,212
<TOTAL-ASSETS>                               2,483,106
<CURRENT-LIABILITIES>                          143,656
<BONDS>                                      2,013,192
<PREFERRED-MANDATORY>                          556,168
<PREFERRED>                                          0
<COMMON>                                       354,525
<OTHER-SE>                                   (600,988)
<TOTAL-LIABILITY-AND-EQUITY>                 2,483,106
<SALES>                                              0
<TOTAL-REVENUES>                               139,667
<CGS>                                                0
<TOTAL-COSTS>                                  345,851
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             144,565
<INCOME-PRETAX>                              (278,340)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (278,340)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (278,340)
<EPS-PRIMARY>                                   (6.26)
<EPS-DILUTED>                                   (6.26)