Crossword Genius

Spectral horse in Xmas show medium attends? (7)

Ross

I believe the answer is:

phantom

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

'spectral' is the definition.
(thesaurus)

'horse in xmas show medium attends?' is the wordplay.
I cannot really see how this works, but
'horse' could be 'h' (abbreviation as in horse power) and 'h' is found within the answer.
'show' could be 'panto' (pantomime) and 'panto' is found in the leftover letters.
'medium' could be 'm' (as in UK clothing sizes) and 'm' is located in the answer.
No letters remain.
This explanation may well be incorrect...

Can you help me to learn more?

(Other definitions for phantom that I've seen before include "Blush" , "Wraith" , "Illusion (at the opera?)" , "Sightseeing journey" , "RR" .)

I've seen this clue in The Independent.
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