Let's preface this with this:
Skull Island: Reign of Kong, does share similarities with the 2005 Kong film from Peter Jackson. However, it is not a direct spinoff, of the 2005 film. They used elements from the other materials, specifically the 1933 version, to make it a mixture of the classic and old.
As
@Alicia also says, keep in mind that Universal; if given the option, will go with their own catalog. Kong 360, was a huge moment between the Studio and the Hollywood theme park, in a joint collaboration to rebuild a large section of the Universal lot that was destroyed by a California fire (which included, the original Kongfrontation; the one before even Orlando's) in 2008. And Kong 360, was a cutting edge experience when it first opened; for what it tried to achieve.
I have had the ability to experience Kong 360 in Hollywood, on various accounts. And nothing beats it, not even Supercharged. It's the sudden feeling of it that set it apart from everything else from the Backlot tour when it debuted in 2010 (I was even on the first preview day for it).
Reign of Kong, I would argue; is a complete upgrade of the original Kong 360, in various ways.