Thanks for highlighting this - strange that it hasn't been raised as an issue before now
The fix is to change line 148-162 of components/com_jevents/views/icals/tmpl/export.php to read
if ($a->location() != "")
{
if (!is_numeric($a->location()))
{
$html .= "LOCATION:" . $this->wraplines(str_replace(array(","), array("\,"), $this->replacetags($a->location()))) . "\r\n";
}
else if (isset($a->_loc_title))
{
$html .= "LOCATION:" . $this->wraplines(str_replace(array(","), array("\,"), $this->replacetags($a->_loc_title))) . "\r\n";
}
else
{
$html .= "LOCATION:" . $this->wraplines(str_replace(array(","), array("\,"), $this->replacetags($a->location()))) . "\r\n";
}
}