Half-life 2 - 3D issue with VM Player 4.0

Hello,

Since I upgrated from VM player 3.1 to VM player 4.0, Half-life 2 has stopped working properly.  The game look seems to be in 16-bit color with boosted gamma (my screen is almost white).

I tried to reinstall the game but it didn't fixed the problem.

Is this problem related to VM Player 4.0?  Can someone else run HL2 in VM Player 4.0?

Regards,

Simon