In this section, “Arabian breed horse” means a horse that: is a purebred Arabian breed horse; and has a valid certificate of registry with the Arabian Jockey Club of America. A licensee at Pimlico Race Course or Laurel Park may conduct live racing of Arabian breed horses if: no more than one Arabian breed race is conducted per day; no more than three Arabian breed races are conducted during a race meet; an Arabian breed race is conducted in addition to, and not in place of, an existing thoroughbred race; an Arabian breed race does not reduce the number of thoroughbred races conducted by the licensee per racing day; the purse for an Arabian breed race is: not funded by the thoroughbred purse account; and funded by the licensee or the sponsor of the Arabian horse race; the takeout provisions of §§ 11–514 and 11–515 of this subtitle are applied to the race; the licensee pays all taxes and fees associated with the Arabian breed race that would otherwise be due on a thoroughbred race; and the Arabian breed race is approved by the State Racing Commission.