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Preheat the oven to 375°F. Cut each beet into eight wedges. Place in a 13x9x2-inch baking pan. Toss with olive oil, salt and 1/4 teaspoon pepper. Cover the pan tightly with foil. Roast for 20 minutes. Remove foil from the pan; stir beets gently. Roast, uncovered, for 20 to 25 minutes more or until tender. Set six wedges aside as a garnish.
Meanwhile, in a large saucepan cook onion in hot butter until tender. Add the garlic; cook and stir for 30 seconds. Add rice; cook and stir for 2 minutes more. Remove from heat. Stir in Prosecco (or white wine), chicken broth, thyme sprigs and the remaining 1/4 teaspoon pepper. Bring to a boil; reduce heat. Simmer, covered, for 20 minutes (do not lift lid). Remove from heat. Let stand, covered, for 5 minutes. (Rice should be tender but slightly firm and mixture should be creamy.)
Remove and discard thyme sprigs. Stir in the 18 beet wedges and 1/4 cup Asiago cheese. Transfer mixture to a serving bowl. Garnish with reserved beet wedges, thyme leaves and Asiago shavings.