Preheat oven to 400F. Process first 6 ingredients in a blender or food processor until smooth. Transfer mixture to a medium bowl, and stir in whipping cream.
Lightly grease a 13x9-inch baking dish with cooking spray. Spread one-fourth of potatoes in a single layer in prepared dish; top with one-fourth of cream mixture. Repeat layers three more times with remaining potatoes and cream mixture.
Bake, covered, at 400F for 50 minutes. Uncover and sprinkle with cheese and bacon. Bake 20 minutes or until lightly browned and bubbly. Let stand 10 minutes.