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Event Coreference Resolution (ECR) as a pairwise mention classification task is expensive both for automated systems and manual annotations. The task`s quadratic difficulty is exacerbated when using Large Language Models (LLMs), making prompt engineering for ECR prohibitively costly. In this work, we propose a graphical representation of events, X-AMR, anchored around individual mentions using a cross-document version of Abstract Meaning Representation. We then linearize the ECR with a novel multi-hop coreference algorithm over the event graphs. The event graphs simplify ECR, making it a) LLM cost-effective, b) compositional and interpretable, and c) easily annotated. For a fair assessment, we first enrich an existing ECR benchmark dataset with these event graphs using an annotator-friendly tool we introduce. Then, we employ GPT-4, the newest LLM by OpenAI, for these annotations. Finally, using the ECR algorithm, we assess GPT-4 against humans and analyze its limitations. Through this research, we aim to advance the state-of-the-art for efficient ECR and shed light on the potential shortcomings of current LLMs at this task. Code and annotations: https://github.com/ahmeshaf/gpt_coref