The optical light curve of the Be–neutron star binary AX J0049.4-7323 has been investigated using data from the MACHO and OGLE-II projects. This X-ray source, whose neutron star has a very slow rotation rate (Ppulse = 755.5 s), shows optical outbursts every ~394 days. The regularity of these outbursts suggests that their recurrence time is the orbital period of the system. During the outbursts, the system brightens and becomes slightly redder. A possible interpretation is that a portion of the equatorial disk is excited as the neutron star passes through it during periastron passage. In the intervals between outbursts, the light curve shows ~11 day quasi-periodic variability, which may be associated with the rotation of the Be star's extended disk.
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