Sometimes I forget about this problem as I don't usually have to reinstall EWQL's "Play" Engine very often. But when you do... you'll most likely be faced with this famous error:
"Import DLL MSVCR120.dll cannot be loaded"
The cause for this is that the Play Engine is reliant on a particular C++ Redistributable package, and when not installed it cannot properly load the .DLL. The same goes for the 32-bit version, however I would just recommend sticking to the 64-bit version. As to why the PLAY engine does not install the proper vcredist package? Their installers always seem to have weird glitches. My theory is that they put more focus on the OS X ones, but I could be wrong.
Now of course this is related to the VCREDIST packages, however the PLAY installer does install the C++ 2013 Redistributable (x86) 12.0.30501 by default. But it does NOT install the 64-bit one for some reason...
The link to the correct package is here: https://www.microsoft.com/en-us/download/details.aspx?id=40784
Once I installed it the 64 bit plugin now works without an issue (I'm not going to bother troubleshooting the x86 PLAY plugin which just spits out: The connection to this plugin was lost: Play (bridged)).
TYPICALLY most programs will prompt to install these packages once detected they're not installed, however the programmers at EWQL didn't bother and probably cause their support desk extra noise when clients installing it get this error.
UPDATE: It turns out you need to download another package here: http://download.microsoft.com/download/9/3/F/93FCF1E7-E6A4-478B-96E7-D4B285925B00/vc_redist.x64.exe
Otherwise you'll get a "Access violation at address blah blah blah in module 'play_VST.dll'.