It is an interesting video, what the eye sees. You're right, the existence of the strobe lights somewhat appearing to be gunfire was debunked early on.
Another thing I noticed is Mandalay Bay appears in the background of the video during the sounds of rapid gunfire. But the hotel remains dark - no flashes from 2/3rds up the hotel that are evident in some of the other videos.
The sound of rapid gunfire begins when the glimpse of the officers in the corner of the video appears, leading a casual observer to conclude he's the source of the gunfire.
But watching the video without sound, noticing most of the crowd has already disbursed, a lot of empty spaces, it appears to me the scene may have been captured soon after the 10 minute mark. That would also explain why the video taker is standing still, just watching the crowd as if no immediate danger is perceived, (as opposed to amidst a hail of gunfire).
And so my thoughts - was the video manipulated by adding audio that occured minutes before? I'm not an expert but if this video is "proof" of an faked event organized by "the government" I think people ought to understand how easily they can be duped into "believing" by fakery in photos and videos as well.