Installing BlackBerry Tablet Simulator 2.1 fails with "Windows error 2 occured while loading the Java VM"

Installing BlackBerry Tablet Simulator 2.1 on Windows 10 fails with the error message as shown below.

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LaunchAnywhere Error
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Windows error 2 occured while loading the Java VM
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OK
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To fix this install x86 version of JRE (tested with jre-8u102-windows-i586.exe). Running the installer again will still fail. Workaround is to pass command line argument to the installer, like:

BlackBerryPlayBookSimulator-Installer-2.1.0-1032-Win-201209272349 LAX_VM "C:\Program Files (x86)\Java\jre1.8.0_102\bin\java.exe" -i GUI

Run the above command on elevated prompt.

Tested on Windows 10 1511 (OS Build 10586.545)

Reference:
https://supportforums.blackberry.com/t5/Adobe-AIR-Development/Window-error-2-occurred-when-loading-java-vm/td-p/1300033