Defending champions Costa Rica won the competition for the third time. In the final matches of the round-robin tournament, they were crowned champions despite losing 4–1 Curaçao as hosts Guatemala subsequently lost 5–4 to Panama.
Defending champions Costa Rica were the most successful team in the competition's history having won two of the three editions to date. Both previous times they had been crowned champion were as hosts in 1941 and 1946.[1]
The tournament was played as a double round-robin where each team would play all of the others twice. The winner would be decided by the total number of points obtained across all matches played.[3]
The competition began on 29 February when defending champions Costa Rica defeated El Salvador 3–1 in the opening match. Two days later, Jaime Meza scored five times as Costa Rica recoded back-to-back wins at the start of the tournament by defeating Panama 7–0. Hosts Guatemala opened the competition with a 3–0 win against El Salvador. On 4 March, Curaçao recorded a win in their first match by defeating Panama 3–1. Costa Rica and Guatemala drew 1–1. The following day, Guatemala again dropped points as they drew 2–2 with Curaçao.[3]
On 7 March, Costa Rica extended their unbeaten start to four games with a 2–1 win against Curaçao. Panama recorded their first win as they defeated El Salvador by the same scoreline. Two days later, El Salvador recorded their first win of the tournament by defeating Curaçao 1–0. Hosts Guatemala narrowly defeated Panama 4–3 to maintain their challenge at the top. At the halfway stage of the contest, Costa Rica were top of the standings with seven points from a possible eight, one point ahead of Guatemala.[3]
On March 11, El Salvador defeated Curaçao 2–0 and Costa Rica extended their lead at the top after defeating Panama 3–1. Two days later, Guatemala's title challenge faltered as they drew 1–1 with El Salvador, leaving them two points behind Costa Rica. The following day, Panama defeated Curaçao 5–2. On March 16, Guatemala pulled level on points with leaders Costa Rica by defeating them 3–2. Panama defeated El Salvador 2–0. Guatemala again faltered on 18 March as they drew 2–2 with Curaçao before, for the second time in the tournament, Meza scored five goals in a single game to help Costa Rica to a 6–0 win against El Salvador.[3]
The final matches were to be played a day apart on March 20 and 21. Costa Rica went into their game against Curaçao knowning that a win would secure the title a day before nearest rivals Guatemala played Panama. However, a Pedro Coffie brace saw Curaçao run out 4–1 winners against Costa Rica leaving the door open for Guatemala to snatch the title. It wasn't to be for Guatemala though as a late winner from Antonio Morales saw Panama edge out the hosts 5–4.[3]