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A third male was arrested after police were called to a fight near the carnival ride section about 8pm last night.
Police said they found two males suffering stab wounds and gave first aid before paramedics arrived.
One had suffered a wound to the chest, the other one to his leg.
Both were taken to Westmead Hospital, but the 17-year-old with the chest wound died on the way.
The second male is currently in hospital in a stable condition.
The arrested male is assisting police with their inquiries, but no charges have been laid.
NSW Ambulance Inspector Mark Whittaker said when paramedics arrived the youth was in cardiac arrest having suffered a traumatic chest wound.
“Paramedics performed CPR and a number of other critical interventions at the scene before loading the patient for transport to Westmead Hospital, unfortunately despite best efforts he couldn’t be resuscitated,” he said, in a statement.
“There’s no doubt this would have been a very confronting scene for the dozens of witnesses who were out to enjoy an evening at the Royal Easter Show.”
Showgoers were moved out of the area and a crime scene was established.
Videos of the moments leading up to and following the incident have been shared extensively on social media.
Source: 9News