Planning to do PHD, Masters Thesis important? (USA)
Your last question is a bit of a non sequitur, frankly: I don't really see the connection between going into industry versus doing a master's thesis with the rest of the question.

That said, JeffE's comment above is essentially correct: if you are interested in doing a PhD in the near future, an industrial job is probably not going to get you the research experience you need to be a competitive PhD applicant. 

With respect to what you need to do to convert your project into a master's thesis, that's really something you ought to discuss with your project supervisor. Without knowing the specific policies of your department, as well as the specifics of what you did in the project, it's difficult (if not impossible) for us to know what needs to be done.