Hi bobgair,
There is not a built in way to add colors to events, but it is possible with customization. You could also use the popular Events Calendar Category Colors plugin, which was built by one of our fans. That plugin allows you to color code different categories of events.
If you want something a little different and are willing to do some customization, please post in our Events Calendar PRO forum so that we can help you with that. This forum is for unregistered users asking Pre-Sales questions 🙂
Best,
Leah