iPhoto and the spinning pinwheel

Got another one for you Gary…
New MacBook Pro. Used Migration Assistant to bring over my user account from my iMac. Mostly wanted to populate iTunes and iPhoto.
Have noticed that whenever I open iPhoto and either hover my pointer over my most recent event folder or try to open it the spinning pinwheel kicks in for three or four seconds.
It does not do this with any other Event folder. And this Event folder is the first I actually created on the MacBook: it wasn’t brought over via Migration Assistant.
The spinning wheel comes up almost every single time. I think it didn’t do it once or twice and I opened and re-opened iPhoto at least 20-times the other night in an experiment.
Any thoughts?
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forkboy1965