Here's info from the Dungeon Craft FAQ. I was wrong. You can have over 16 million events per level x 255 possible levels. Total number of events per game is actually in the billions: 4,278,189,825. So, I wouldn't sweat the loss of a couple here and there. Here's more info from the FAQ.
How many quests can I have in my design, and how many variables per quest?
The maximum number of quests is 268,435,455.
Each quest can have values of 0-65001. 1-64999, quest is in progress 65000, quest is completed (successful) 65001, quest is failed
How many levels can I have in my design? How many events?
Max levels 255, each level up to 100x100
Max events 16,777,215 per level
Max zones 16 per level
Max step events 8 per level
How many walls and backdrops can I use per level?
Max wall slots 96 per level
Max backdrop slots 96 per level
How many NPC's and monsters can I have in my design?
Max NPC’s 2,147,483,647
Max monsters 2,147,483,647
How many different spells can I put in my design?
Max spells 1,048,575
How much text can I have in my design?
Nearly unlimited text There is an actual limit on the text at 2 billion characters per text box. That is, each place where you can enter text into an event has the 2 billion character limit.
(This means that the amount of total text characters you can have in the game, based upon my calculator is 8.55637965e+18, whatever number that turns out to be)