In a large stock pot over medium heat sauté the bacon until edges just begin to brown.
Add in the leeks, stirring regularly until the leeks just being to wilt, about 5 minutes.
Once the leeks have wilted, add in the red potatoes and broth. Reduce heat and simmer for 15 minutes until potatoes are tender.
Stir in corn, if using canned corn, strain well before adding to soup. If using frozen corn, return soup to a simmer before going onto the next step.
In a small bowl combine the melted butter, flour, and ½ cup of soup broth (use a ladle to scoop out some broth from the pot). Stir well to make a thick paste. This is called a roux and will help thicken the soup.
Once the soup has returned to a simmer, add in the roux and stir well. As the roux dissolves you will notice the soup begin to thicken. Continue stirring for a few minutes until simmering again.
Add in the cream, milk, salt, pepper, and hot sauce (optional). Return soup to a slight simmer. Remove from heat and serve.