After installing Xamarin studio and Xamarin android player along with Oracle VirtualBox. I have created demo code and installed Nexus 4 (kitkat) virtual device in Android player but after running application Xamarin Android player gets started but got following window with error.
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I found another question similar to the current question. see it Here
If you are using windows 10 then you need to have latest version of virtual box installed. you can get it from Virtual Box Downloads page.
I hope it helps.