Several people called 911 to report gunfire and multiple victims inside the venue.
Officials said the victims included one 15-year-old and three 17-year-olds.
According to police, the victims were all taken to hospitals in private vehicles.
One person was grazed by a bullet and treated at the scene.
Two men were arrested near the shooting. Carlos Withers, 21, was charged with going armed to the terror of the people, discharging a firearm within city limits, and injury to personal property.
Edward Trey Lindsay III, 24, was charged with going armed to the terror of the people. Both men are from High Point.
Police are continuing to work to identify the person responsible for the shooting.
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In response to the shooting on West Gate City Boulevard, youth leaders from the City of Greensboro's Community Safety Department (CSD) and the Margaret Clinard Outreach Foundation have organized the Greensboro Stands Together Community Walk, scheduled for 6 p.m. Monday.
The walk will begin at 501 Market St. and end at 110 S. Greene St. The event is open to the public. Participants are encouraged to wear white clothing or white T-shirts to symbolize peace and unity.
The Royal Banquet Hall was closed down after a safety review requested by Greensboro Police found code violations.
Suite 2A and 2B are placed under a Zero Occupant Load and will remain closed.
The business owner, Van Thanh Ly, surrendered his ABC license while on site Monday afternoon.
"We needed to address this situation immediately, and we appreciate our public safety partners' participation in today's on-site review," GPD Assistant Chief Ric Alston said Monday.
The investigation remains active and ongoing.
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