Cook bacon in large skillet over medium-high heat until brown. Add ground beef, onion, bell pepper, garlic and salt; cook until beef is thoroughly cooked, stirring frequently. Drain.
Add water, tomatoes, olives and Italian seasoning; mix well. Bring to a boil. Stir in rice, Reduce heat; cover and simmer 5 minutes or until rice is tender.
Sprinkle with cheese; cover and let stand until melted.