The dates are posted as March 4 - 7 2021 and no mention of covid etc.

Any idea if it will take place?

Will an event six months into the future in the middle of a global pandemic be actually held? Who knows? Anybody's guess would probably be as good as yours. It doesn't mean they shouldn't be doing the planning, just in case they can find a way to do it (maybe differently, but) safely. Sponsors and participants need to know the dates to organize their own plans and to decide on participation. I suspect that is all that the posting of the dates means for now.

A lot can happen between now and then.

My guess is they may have the ''races''.....but the chance of entertainment, concerts, parties or the like will not happen. SXM has been so strict with their handling of Covid, I cannot see the Government taking a chance with regatta. They even cancelled Carnival this year due to it. Time will tell, but my bet will be on NO.