From what I can gather, the bar itself will be open, but it won't be playing music outside as in previous years. Therefore, you won't be able to sit on the beach and hear the tunes, thus rendering it a bit useless.
DJ Gee has also said he's not going to be involved with it this year.
I was there last year when it suddenly closed (in fact, I was one of the lucky few to be able to say they were there for the last ever 'proper' Bora Bora) and it was all very sudden, but the word is that it was enforced by the apartment block that was being built last year, right next to Bora Bora on the previously disused carpark, which will be complete for this summer.
Who knows what will happen. I personally wouldn't be surprised if people go down there and start up their own thing, but no doubt it'll be stopped pretty quickly.