Quasicrystals are nonperiodic structures having no translational symmetry but nonetheless possessing long-range order. The material properties of quasicrystals, particularly their low-temperature behavior, defy easy description. We present a compact optical setup for creating quasicrystal optical potentials with 5-fold symmetry using interference of nearly co-propagating beams for use in ultracold atom quantum simulation experiments. We verify the optical design through numerical simulations and demonstrate a prototype system. We also discuss generating phason excitations and quantized transport in the quasicrystal through phase modulation of the beams.