Police spokesman Larry Hadfield said the alleged shooter was injured in the incident and was among the four people hospitalized.
Las Vegas police Lt. Jay Roberts said the suspect is in custody. The conditions of the injured were not immediately available.
Roberts says the shooting happened about 5:45 a.m. Monday at Drai's, an afterhours club that caters to those who have wrapped up their nights at other hotspots. It's located in the lower level of Bally's.
Gambling continued in the casino after the shooting, but yellow crime scene tape stretched around several banks of slot machines outside the nightclub. Debris littered the floor as uniformed casino and police officers investigated.
The Strip was the scene of a dramatic shooting and explosion just this past winter. Authorities say verbal sparring erupted into a shooting, chase and crash that left three people dead in February. A death penalty trial is set for Dec. 2 against a man who once bragged about his lifestyle as a pimp.
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