Gang raided Chepstow Hotel fruit machines
Police are hunting four men who threatened a hotel worker with a metal bar before raiding fruit machines.
Gwent Police said the gang entered the Chepstow Hotel, Chepstow, Monmouthshire, early on Tuesday and stole a "significant" amount of cash.
The 28-year-old employee was left shocked but uninjured.
All four offenders were wearing dark clothing and one was described as white skinned and tall. House-to-house inquiries are being carried out nearby.
Det Insp Martin Price said: "We have officers at the scene today gathering evidence and speaking to any possible witnesses.
"Thankfully, this kind of incident doesn't happen too often in the Gwent Police force area, and the victim was not injured, but it was nonetheless shocking for him. We would appeal to anyone with information to get in touch."
Police are appealing for anyone who may have seen or heard anything suspicious in the area to contact them on 01633 838111 or call the independent charity Crimestoppers anonymously on 0800 555111.