(a) Any commercial establishment which serves, dispenses, stores or sells alcoholic beverages, or where alcoholic beverages are consumed, or which holds a license under the division of beverages for either on-premises or off-premises consumption, shall have the hours of operation for the purposes of dispensing, selling, consuming or serving alcoholic beverages from 7:00 A.M. of one day to 2:00 A.M. of the following day.

(b) Establishments within the city licensed by the state division of beverages may remain open until 4:00 a.m. on January 1 and shall not be required to close at 2:00 a.m. as provided in subsection (a) of this section.