The property was acquired with the long-term vision of capitalizing on the nearby development of a casino, expected to attract workers and residents.

Kind of like a game of craps.

I mean Joe Montana is a very successful Developer same with Steve Young.. and Ronnie Lott has done well in RE also.but I bought a big mansion that was 3/4 done from an NBA star and he was not business savvy at all.. and on top of that had about 7 or 8 baby moma's all with child support judgements against him ..

But I think you may be asking, should you do the rezoning, or leave it to the ultimate developer. 

Increase supply (or at least encourage development), and the prices will eventually come down (as we've seen in other large cities like Austin where the demand boom was followed by a supply boom - and now both sale prices and rents have gone down). 

Everyone have a great Thanksgiving   Have to come back here for a long weekend and catch a baseball game. 

My suggestion would be to look at turn-key rental property options in a developing area with low entry costs.

Sounds like a game-changer, or does it?

When the market swings the opposite direction, you'll be ahead of the game.

In a previous life, I developed midstream energy assets.