Queanbeyan police are investigating after the Royal Hotel on Monaro Street was broken into on Monday morning.
Police said the offender or offenders entered the pub at about 5.50am.
Inspector Chris Varley said while police were still investigating, he believed the main safe was "in-tact" and contrary to early media reports, a large amount of cash was not stolen.
Inspector Varley said it was possible however that cash from the hotel's cash registers could be missing after the incident.
Police are yet to review the CCTV footage to determine what exactly was stolen.