Still open, at least a few weeks ago when I passed by on the Aberdeen-Sok Kwu Wan ferry.

I haven't eaten there in a few years, but it was pretty good back then, but not as great anymore as under the French chef before when this place (named Cococabana back then) was the best non-Chinese restaurant on all of Lamma, with forum members celebrating their weddings and major birthdays there.

From our (almost) complete Index of Bars & Restaurants (incl reviews & ratings):

The Bay
Mo Tat Wan (Tel: 2328 2138)
Sok Kwu Wan Ferry Pier, then 30-min walk or ferry/sampan/speedboat to Mo Tat Wan. Ferry between Aberdeen to Mo Tat Wan. Speedboats from and to YSW on request!
Open 11am-10pm Tue-Sun.
Website: http://www.thebayhk.com
Forum: http://www.lamma.com.hk/forum/viewtopic.php?t=248

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The cheapest way to get there is to get on the bike and you'll be there in 35 mins (from YSW).