Try launching the app from the App Store.
I upgraded two machines to Yosemite over the weekend. Just downloaded iPhoto 9.6 to my wife's machine. App was purchased with my iTunes account, but downloaded it with her account. Was prompted that purchase was made by another family member but OK to download again.
First attempt to launch from the Finder resulted in same non-behavior you experienced.
Second attempt/same result (non-launch).
Went to check download to confirm install was complete. iPhoto was reporting 'Installing'.
Checked /Applications in the Finder to confirm app was downloaded and displaying proper icon. It was.
Quit and Relaunched App Store.
Navigated to "Apps by Apple" (Purchases should work just as well). iPhoto now reporting "Open". Clicked 'Open' button and app launched successfully.