Wynn has declined to confirm discussions with Trump, although the latter told reporters recently that, "Steve and I are talking about something very exciting." Both declined to answer questions on the subject during recent Q3 earnings conference calls. And Gov. Jon Corzine confirmed during a campaign stop in North Jersey earlier this week that he had met with Wynn last week, with that discussion focusing on a possible site.

Specifically, according to a source with knowledge of the plans, Wynn asked Corzine if the state would be willing to turn over Boardwalk Hall for redevelopment as part of the new mega-resort. Boardwalk Hall, a well-known landmark built in the late 1920s, seats 14,000 for a variety of events. Once known as Convention Hall before being replaced by the newer Atlantic City Convention Center, it was refurbished to the tune of $90 million just four years ago. It's owned and operated by the New Jersey Sports and Exposition Authority, a state agency.

According to the source, the plans also call for Wynn to team up with Trump to demolish the existing Trump Plaza Hotel and Casino. The latter sits on a 12-acre site, which, the source says, is too small for the kind of property Wynn has in mind. Boardwalk Hall's seven acres would boost the assembled site to 19 acres.