We can offer you several options:
1. Disable the option View-> Keep Aspect Ratio When Resizing and resize the playback window so that the controls are below the video area.
2. Enable the View-> Show Controls in a Separate Window option and move the controls window to a convenient location.
3. To completely hide the controls, you must first disable the View-> Autohide Controls option, and then enable the View-> Hide Controls option.