XHams upload engine re-encodes every video posted and unfortunately sometimes it glitches. The part you missed was Kong trying to peal her clothes off. The only copy I could find was dubbed, not my choice but you gotta go with what you got.
King Kong released in 1935 and Hayes Code not really enforced until 1934. In several of these scenes it's not obvious at first glance why they were cut. The first scenes do show a practically see-thru dress with prominent nipples and some very interested sailors. Let me know what else you notice!