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This turned out to be an issue with the Host Graphics Settings under Configure --> Hardware --> Host Graphics.
By default, the graphics type is set to Shared - VMware shared virtual graphics.
This must be changed to Shared Direct - Vendor shared pass through graphics and the host rebooted. After the host is rebooted the graphics type changes from Shared to Shared Direct. You are then able to add a shared PCI device and select the GPU profile.