One of the arrested individuals was identified as a victim in the incident, who is being treated for his injuries. Overall eight men, one fatally, and two women were shot.
About 25 people who said they were friends and relatives of Toliver gathered late Sunday and lit candles at the scene of the shooting.
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The young artist was shot in the chest and shoulder blade area and died at the hospital, police said.
Republican U.S. Sen. David Vitter sparred with New Orleans Mayor Mitch Landrieu when Vitter was running for governor in 2015, saying the city was "one high-profile murder away from seeing (the) tourism economy going into the cellar".
Landrieu said police did "everything they could be expected to do" to avoid violence, including having a heavy police presence in the area. The shooting occurred six hours after the game ended.
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This was the 43rd annual Bayou Classic between Grambling State University and Southern University.
He said that officers responded to the scene after hearing shots. According to Toliver's Facebook page, he attended New Orleans' O. Perry Walker High School. He did not know the motivation for the shooting. Paris said he and a friend took cover behind a auto.
"It really is heartbreaking, especially on a night like this", he said.
He also said he believed that the city's police officers did everything they could in this incident.
Gary Gibson, who has worked nearby at the Hotel Monteleone as a shipping clerk for five years, said he saw crowds of panicked partiers pour into the Solaris parking garage on Iberville after the shots started. "It's just something that happened". I'm confident we will track down those responsible for the crimes. The other arrests were not connected to the shooting.
Two men were arrested, including a victim, for allegedly carrying a firearm, the New Orleans Police Department said in a release. In April, Trung Le, who fired the first four bullets in that shootout, was sentenced to 60 years in prison.