<ARTICLE> 5
<MULTIPLIER> 1,000

                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<CASH>                                         611,534
<SECURITIES>                                 1,231,421
<RECEIVABLES>                                   49,635
<ALLOWANCES>                                         0
<INVENTORY>                                          0
<CURRENT-ASSETS>                             1,914,057
<PP&E>                                         946,458
<DEPRECIATION>                                 123,268
<TOTAL-ASSETS>                               4,090,061
<CURRENT-LIABILITIES>                          136,068
<BONDS>                                      3,036,639
<PREFERRED-MANDATORY>                          583,322
<PREFERRED>                                          0
<COMMON>                                     1,029,219
<OTHER-SE>                                   (710,206)
<TOTAL-LIABILITY-AND-EQUITY>                 4,090,061
<SALES>                                              0
<TOTAL-REVENUES>                               109,243
<CGS>                                                0
<TOTAL-COSTS>                                  260,826
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                             110,753
<INCOME-PRETAX>                              (225,051)
<INCOME-TAX>                                         0
<INCOME-CONTINUING>                          (225,051)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                 (225,051)
<EPS-BASIC>                                     (4.41)
<EPS-DILUTED>                                   (4.41)