In 12-inch skillet, cook bacon over medium-high heat until almost crisp. Add beef, onion, bell pepper, garlic and salt; cook 5 to 7 minutes, stirring frequently, until beef is thoroughly cooked; drain.
Stir in water, tomatoes, olives and Italian seasoning; heat to boiling. Stir in rice. Reduce heat to medium; cover and simmer about 5 minutes or until rice is tender.
Sprinkle with cheese; cover and let stand until melted.