Changes coats on race day (5)

I believe the answer is:

ascot

I'm a little stuck... Click here to teach me more about this clue!

'race day' is the definition.
'Ascot' can be an answer for 'race' (Ascot is a racecourse). I am unsure of the 'day' bit.

'changes coats' is the wordplay.
'changes' indicates anagramming the letters.
'coats' anagrammed gives 'ASCOT'.

'on' is the link.

Can you help me to learn more?

(Other definitions for ascot that I've seen before include "racing centre" , "Berks racecourse" , "Place for meeting" , "Royal race course" , "Horse-racing venue" .)

I've seen this clue in the Sydney Morning Herald.

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