A man who allegedly shot one person dead and wounded another on a Las Vegas bus has finally surrendered to police following a four-hour standoff.

A police spokesperson was quoted as saying that the alleged gunman surrendered without incident.

Tourists and residents were caught up in a horrific scene on Saturday as the Cosmopolitan hotel was evacuated following the shooting.

Police were in the process of negotiating with the lone suspect and officials said this was not an active shooter situation.

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Around 1.45pm, local time, a loud bang occurred near the bus, as some reports indicated the SWAT team detonated the side of the vehicle.

There was a flash of light and smoke appeared to come from the bus.

No information has been made available as of early Saturday evening regarding the identities of the suspect or the victims.

This is the second shooting incident to occur in less than 24 hours in Sin City, as a gunman in a pig mask opened fire during an armed robbery at the iconic Bellagio hotel earlier in the day.

That gunman opened fire during an armed robbery at the nearby Bellagio hotel, prompting terrified tourists to seek shelter amid a chaotic scene.

At least three people entered a high-end store, which is believed to be a Rolex store, inside the resort, including one who fired gunshots, police said.

This is the second gunman incident to occur in less than 24 hours in Sin City, as a gunman in a pig mask opened fire during an armed robbery at the iconic Bellagio hotel earlier in the day.

Las Vegas SWAT officers surround a bus along Las Vegas Boulevard. Photo / AP
Las Vegas SWAT officers surround a bus along Las Vegas Boulevard. Photo / AP

Larry Hadfield, a spokesman with Las Vegas Metro police, said of the bus situation to USA Today: "The shooting incident happened on the bus. We had one single shooting incident with two victims. Both were transported to the trauma center and one is deceased."

A gunman wearing a pig mask has reportedly staged a burglary at a hotel in Las Vegas. Guests and tourists have had to flee the city's famous Bellagio hotel on the strip because of a reported 'active shooter'. Las Vegas police have released in a statement that “Initial reports indicated there was an ‘active shooter’ which was false. NO injuries.” though a burglary was being investigated.

Hadfield added that SWAT and hostage negotiation personnel are on site but wouldn't confirm if there were passengers still on the regional transit bus.

Witnesses and photos suggest the day's earlier armed burglary took place at the Bellagio's Rolex store, and show a person in a pig mask with a gun in hand.

One suspect has been taken into custody.

Guests and tourists had to flee the hotel and head out to the strip amid report of the armed robbery.

Panicked people have tweeted their shock, with one woman saying she had to hide under a table.

No one was injured, Las Vegas Metropolitan Police Department later confirmed. Parts of the casino property remain closed as authorities investigate.

Officers received a call about the incident at the Bellagio at 12:50 am, and has apprehended one suspect by 2:15 am, the Las Vegas Review-Journal reported.

One woman who was at the hotel when the robbery unfolded described the atmosphere as one of 'mass panic'.

One Twitter user posted a chilling image of a man wearing one of the masks standing outside the store, prompting fears that a robbery was under way. Photo / Twitter
One Twitter user posted a chilling image of a man wearing one of the masks standing outside the store, prompting fears that a robbery was under way. Photo / Twitter

"Everyone running. I'm currently ducked on the floor under a table," she wrote.

The store was closed when the armed robbers got in and all shots were fired inside, police said.

Some witnesses said the burglars used sledgehammers to break into the store, although police have not confirmed it so far.