The game is finished, now you die. Phantasm director Don Coscarelli says we will not see a Phantasm remake, despite the tide of horror remakes currently in the works.
Director Don Coscarelli said to AITH at SXSW:
“Nothing is ever off the table. You have a big casting hurdle there with Tall Man. Currently there’s nothing planned, but if you had the right director, the right story, the right direction in terms of making something unique and still staying true to the spirit of the story. You know, all these years working on Phantasm, I’m like a Phantasm fan too, so I would go see it!”
The fifth Phantasm sequel, Phantasm: Ravager will be released sometime this year, but there's no plans for a Phantasm reboot. Still, as is said in Phantasm III: Lord Of The Dead, "It's never over..."