Arrange half the bread in a 13 x 9 inch baking dish coated with cooking spray.
Whisk together the milk, eggnog, salt and 5 eggs until well blended. Pour half the egg mixture over the bread. Set aside.
In a blender, combine the remaining eggs, sugar, vanilla and cream cheese until smooth.
Spread the mixture evenly over the bread in the baking dish.
Top with the remaining bread and pour the egg mixture over the entire casserole.
Sprinkle the top with the turbinado sugar and bake for 50-55 minutes. Allow to rest for 10 minutes before serving. Dust with powdered sugar, if desired.
Casserole can be assembled the night before and stored in the refrigerator wrapped tightly with plastic wrap.
Remove the plastic wrap before baking.