The provisions of this chapter shall not apply to any operator which has existed as an operation for at least twenty-five (25) years, and its affiliates, whether now or hereafter, and whose continuing primary function involves the annual organization, promotion, and sponsoring of a statewide talent and beauty pageant in which contestants compete for scholarships, awarded by the operator, as well as for the opportunity of being Arkansas's representative and contestant in an annual nationwide talent and beauty pageant with which the operator is affiliated.