A meet or festival at which contests or athletic events are held. This word is particularly applied to horseback riding meets, festivals showing off gymnastic and athletic showmanship, and sports car racing.
When Applied to horseback riding, gymkhana refers to running timed obstacle courses, which may or may not be accompanied by other entertainment, usually frivolous (Webster mentions musical chairs and potato spearing. This is probably somewhat archaic).
When referring to car or motorcycle racing it also means the timed running of a course, often with specific manoeuvres that must be completed. It tends to focus on skill and manoeuverability rather than speed.
Gymkhana can also refer to the place where such an event is held. Gymkhana probably comes from the Hindi gend-khana, meaning 'racket court'. In India, gymkhana often refers to an elite sports club.