A designated place where buses stop to pick up or drop off passengers. Synonymous with バス停, but バス停留所 is slightly more formal or official.
See also: バス停
I'll get off at the next bus stop.
There is a bench at this bus stop.
Standard kanji-katakana compound for a bus stop.
Compound of バス (bus) and 停留所 (stop/station). 停留所 itself is from 停留 (stop, stay) + 所 (place).