ytPlayerLoaderListener = {};
var loadInterval:Number;
ytPlayerLoaderListener.onLoadInit = function() {
loadInterval = setInterval(checkPlayerLoaded, 250);
}

function checkPlayerLoaded():Void {
if (ytplayer.isPlayerLoaded()) {
ytplayer.addEventListener("onStateChange", onPlayerStateChange);
ytplayer.addEventListener("onError", onPlayerError);
loadIndicator._visible = false;
clearInterval(loadInterval);
}
}

function onPlayerStateChange(newState:Number) {
trace("New player state: "+ newState);
}

function onPlayerError(errorCode:Number) {
trace("An error occurred: "+ errorCode);
}

ytPlayerLoader = new MovieClipLoader();
ytPlayerLoader.addListener(ytPlayerLoaderListener) ;


ytPlayerLoader.loadClip("http://www.youtube.com/v/VIDEO_ID", ytplayer);