We study a modified horizon thermodynamics and the associated criticality for rotating black hole spacetimes. Namely, we show that under a virtual displacement of the black hole horizon accompanied by an independent variation of the rotation parameter, the radial Einstein equation takes a form of a 'cohomogeneity two' horizon first law, δE = T δS + ΩδJ − σδA , where E and J are the horizon energy (an analogue of the Misner-Sharp mass) and the horizon angular momentum, Ω is the horizon angular velocity, A is the horizon area, and σ is the surface tension induced by the matter fields. For fixed angular momentum, the above equation simplifies and the more familiar (cohomogeneity one) horizon first law δE = T δS − P δV is obtained, where P is the pressure of matter fields and V is the horizon volume. A universal equation of state is obtained in each case and the corresponding critical behavior is studied.