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 the Fair Hill Natural Resources Management Area may conduct live racing of Arabian breed horses if: the purse for an Arabian breed race is funded by the licensee or the sponsor of the race; the takeout provisions of § 11–704 of this subtitle apply to the race; the licensee pays all taxes and fees associated with the Arabian breed race that would otherwise be due on a steeplechase, hurdle, or flat race; and the Arabian breed race is approved by the Commission.