Capcana’s Green Village financial collapse may only be a symptom of the large scale failure of the Capcana development. During my visit there were only two restaurants and one swim suit shop open at the marina. The marina is a ghost town. There are numerous stores that remain boarded up, as a result of the start up businesses not making any money. A quick look at the beach club easily demonstrates the lack of maintenance, repainting, replacement, and cleaning necessary to maintain it as a first class facility. The second Jack Nicklaus golf course is going to seed, with no restart date in sight. The plans for first class hotel facilities and casinos also have no start dates. Construction on private residences has stopped leaving huge carcasses. When I played golf at Punta Espada they only had 38 golfers on that day.
When the Capcana owners say they have no money for completion of the Green Village project, the real question is: Do they have any financial resources to complete anything in Capcana? If you are a bond holder would you trust the current Capcana ownership to keep their word based on their previous performance and their lack of management abilities.