I forgot to add quotes around the C: path to the .exe file. Fixed my original post if you want to update the solution.
Figured out a workaround (or maybe the solution). I had to run the command with WINEPREFIX and WINEARCH. I changed the .desktop that WINE creates...
I have GameMaker running on my Ubuntu but cannot get my projects to run. Here is my output.
"cmd" /c subst Y:...