When autoplay=1 and controls=0, player.ready() fires too early

[tesar-tech]

Expected Behavior

player.ready should fire when the player is actually ready. (it works perfectly fine with autoplay=0 settings.

Actual Behavior

player.ready fires too early when autoplay=1 and UI is hidden with controls=0 . (I am trying to create my own loading control with Loading... text, see below)

Steps to Reproduce

https://jsfiddle.net/cs5x1bp8/1/ , use throttle inside developer tools (it is more significant then). There is Loading... text which should be removed once the player is ready. It is removed too early and user is left with "blank screen". It is around 1-10 seconds (depending on internet speed).