It's incredible that anyone is hearing about this forgettable nomsemse now, but apparently it's some kind of nostalgia classic now. I'm not usually one of those guys who gets angry at remakes, but fuck Dino Di Laurentis, and fuck you, too, Peter Jackson.
The end result was shit but the hype of a 40 foot robot gorilla leading up to the movie's theatrical release helped it turn a considerable profit. I bet the cumulative experience in creating the practical effect went towards other productions in the entertainment industry for years until CGI took over.