For a Global Webcast Event I have entered the timezone 8am CST. But the timezone won’t be displayed in the Event Popup !
Also there is no “recalculation” of the time as we have UTC +1 here …
Work fine for me on 2.5.1 so make sure you dont have custom time formats set on eventon settings. And make sure you are upto date on software bud.
If those dont do a thing, please send us wp-admin access to your site as a private message for us to further assist your situation.