Welcome to the Community,
it will certainly allow guest-to-guest communication, otherwise one couldn't setup a test environment like the one you are trying to setup.
Please provide some more details about your setup, i.e. VM configuration (Host-Only, NAT, Bridged), and the IP addresses/subnet masks you are using for the VMs.
Which Host operating system do you use, and did you try (in case of Windows) to start VMware Player "As Administrator" to see whether this makes a difference?
André