GMT -500 is Eastern Standard Time. However, if you have set your time zone in your user profile, the event time should adjust to your time zone. So for instance, I'm seeing it as 9-11 pm eastern time, but if you were on the west coast, and you had set your user preference for Pacific time, then what should be displayed is 6-8 pm.

That's the way it should work...

I just tested it by changing my user account time to GMT -800 which is Pacific time, and sure enough, the event time changed to 6 pm to 8 pm.

So go set your time zone in your account and then click on the date in the small calendar located in the right hand column, and you should see the correct time.