There is a Class BCE (on–sale) beer, wine, and liquor license. The Board may issue the license for use by a catering establishment. Subject to subparagraph (ii) of this paragraph, the Board shall adopt regulations that define a catering establishment. The regulations adopted by the Board shall require a catering establishment to have: a minimum capital investment of $1,000,000 for dining room facilities and kitchen equipment, excluding the cost of land, buildings, or a lease; and a minimum seating capacity of 150 individuals. The license authorizes the license holder to provide beer, wine, and liquor for on–premises consumption by participants of catered events only. The license holder shall serve food with the beer, wine, and liquor. The annual license fee is $4,480. The Board shall adopt regulations specifying the hours and days of sale.