Meeting place for our betters in fancy coats (5)

I believe the answer is:

ascot

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'meeting' is the definition.
(horse racing meeting)

'fancy coats' is the wordplay.
'fancy' indicates an anagram.
'coats' with letters rearranged gives 'ASCOT'.

'place for our betters in' is the link.
This may not be right. Some or all of it may belong to another bit of the clue.

Can you help me to learn more?

(Other definitions for ascot that I've seen before include "Where the Queen often sees racehorses" , "Racecourse, home to the Gold Cup since 1807" , "Town with racecourse" , "sporting event" , "Place for meeting" .)

I've seen this clue in The Globe and Mail.

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