In a large skillet, cook bacon until crisp. Remove bacon to paper towels; drain; discard all but 2 tablespoons of drippings. Saute onion in drippings until tender. Add bacon and remaining ingredients. Cook, covered, over medium-low heat for 10 minutes.
Spoon into a 1-1/2-qt. baking dish. Cover and bake at 350° for 45 minutes or until rice is tender, stirring occasionally.