When we released The Events Calendar/Events Calendar PRO 2.0.5 on Monday, it shipped with a bug that caused sites running in certain time zone settings to show our “This Event Has Passed” message on all events (past, present & future). Upon being alerted of the bug we jumped on it and pushed a hotfix to the server yesterday morning.
As such please redownload and reinstall The Events Calendar 2.0.5 and you should find the issue resolved. It can be acquired from the WordPress.org repo, right here. (Note that there was no change to the PRO code so you need not make any changes there.) Upon doing so, the issue should be resolved for all time zone settings regardless of whether a city or UTC option was selected from the dropdown. Please make sure to clear your cache and resave permalinks after installing the new code.
If the issue is still a problem from there, let me know your time zone settings and we’ll keep looking into it. We tested a wide variety of combinations and all worked fine. Thanks for being patient and apologies for the inconvenience so far.