Palio

 
Pronunciation: /ˈpalɪəʊ, ˈpalio/
(plural Palii /-ɪiː, -ii/)
  • a traditional horse race held in Siena twice a year, in July and August: we were her guests for the Palio

Origin:

Italian, from Latin pallium 'covering' (with reference to the cloth given as a prize)