Papheopediums (Lady Slippers) are certainly beautiful. It is good that you bought yours in bud rather than fully open. It will give you more time to enjoy the flowers. Flowers usually last 2-3 months. Most bloom only once a year each time on new growth. A pup will grow out the side of the plant at the bottom. Usually this growth is arrested during blooming. Buds usually open in 7-10 days for the sizes sold commercially but a very small bud may take longer. when they are 'puffy' they usually open in 3-4 days.
Lady Slippers are very low light level plants. They need only 900 foot candles of light. Noon sun is 10,000 so they will grow most anywhere inside your home. Sun can burn them easily. I have a test plant (one year now) that has never been closer to a window than 10 feet. They like to be moist all the time and never let them dry out too long. Indoors watering every 7-10 days is normal but more or less is a judgment you will have to learn over time.
Your plant is a maudie type meaning it has Paph. maudiae in its parentage. Mostly you will notice the nice spot pattern on the leaves, this comes from Paph. maudiae.
Here are two examples of maudiae types. The colors can be extremely variable.
