Just to keep this updated as to the latest new… the problem is still persisting. Most recently I received an email from support saying the crash dump showed it to be “play_VST_x64.dll” and that after removing the file cubase should load without issue. This was of course not the case and I explained as well to support that all VST plugs (other than stock) had been removed from the equation as a previous troubleshooting step. Although it really would have sucked if that had been the issue considering that it’s (EW Play) probably one of the most popular and widely used VSTI’s out there, but regardless, it made no difference. Currently C7.5 still locks up when the videoengine.dll file is present in the components folder… This is with the software running stock out of the box, no extra plugins, with or without removing previous preferences from C6.5. Also, as before, C 6.5 is still running without issue, with or without plugins, regardless of the videoengine.dll file being present and all video functionality is normal. I will update the post again in the future if we do finally get to the bottom of this.
I suggest you revert to Play 3, version 4 has a ton of issues on PC (just download from Soundsonline). That’s what I did and I’ll never install Play 4 until it’s resolved. Play 4 works great for me on Mac, however.
In this case, as stated in the prior post, the problem persists regardless of the presence of play… It has nothing to do with the EW software or any 3rd party plugs. They have all been removed for the sake of troubleshooting this issue.
So… Here I am again, stuck on an older version of (this time around) C8 due to the videoengine.dll file… Everything is working fine in 8.0.40 and now it looks like whatever they fixed they broke AGAIN in 8.5. This is REALLY getting annoying. But as stated above, it’s the exact same issue as before, just with the versions being different. Removal of the videoengine.dll file allows C8.5 to open and run just fine but without any video support, otherwise it freezes on startup at the point where it would normally open the hub. 8.0.40 is working flawlessly with video support. So in all sincerity steinberg, WTF??? I even waited 6 months to give ample time for the bugs to get stomped on a bit, but this issue pretty much nullifies doing any scoring work in C8.5 until it’s fixed (yet again)… at some point?? 
What I miss is the “run as administrator” attempt, Can you try this and report back?
Right click the videoengine file and set it to run in Windows 7 compatibility mode.