Could not initialize OpenglES emulation, use '-gpu off' to disable it.

Can someone explain what does it exactly mean and how can I fix this error? I'm getting it while trying to Run the Android project (of Xamarin.Forms). It does compile though.

The error:

1>Starting deploy VisualStudio_android-23_arm_phone ...
1>Starting emulator VisualStudio_android-23_arm_phone ...
1>C:\PROGRA~2\Android\ANDROI~1\tools\emulator.EXE -partition-size 512 -no-boot-anim -avd VisualStudio_android-23_arm_phone -prop monodroid.avdname=VisualStudio_android-23_arm_phone
1>Creating filesystem with parameters:WARNING: init: Missing WGL extension WGL_ARB_make_current_read
1>    Size: 69206016
1>getGLES2ExtensionString: Could not create GLES 2.x Pbuffer!
1>
1>Failed to obtain GLES 2.x extensions string!    Block size: 4096
1>
1>Could not initialize emulated framebuffer    Blocks per group: 32768
1>
1>    Inodes per group: 4224
1>    Inode size: 256
1>    Journal blocks: 1024
1>    Label:
1>    Blocks: 16896
1>    Block groups: 1
1>    Reserved block group size: 7
1>Created filesystem with 11/4224 inodes and 1302/16896 blocks
1>emulator: Listening for console connections on port: 5554
1>emulator: Serial number of this emulator (for ADB): emulator-5554
1>emulator: ERROR: Could not initialize OpenglES emulation, use '-gpu off' to disable it.
1>Emulator VisualStudio_android-23_arm_phone was stopped.
========== Deploy: 0 succeeded, 1 failed, 0 skipped ==========

My current configuration is the latest stable one, so:
VS2017 Stable 15.1 on windows vm
Xamarin Studio 6.3 on mac (technically shouldn't matter - the problem is with Android)
Xamarin.Forms installed in my project 2.3.3.193

I was trying to run default emulator (set during VS2017 installation): VisualStudio_android-23_arm_phone