The area of the Ouachita River near Hot Springs and Malvern was a virtual wilderness in the 1920s when Harvey Couch , the founder of Arkansas Power and Light Company, began to investigate his dream of building hydro-electric dams on the Ouachita River as part of his program of "Helping Build Arkansas" by bringing new industry and jobs to the state.
An engineering marvel in its day, Remmel Dam, named in honor of Army Col. H.L. Remmel, was completed in 1924 and formed a lake 11 miles long with 1,940 surface acres. Couch named the lake after his daughter Catherine. The powerhouse at the dam contains three vertical hydraulic turbine generators with a total rating of 9,300 kilowatts.
The city has been a tourist mecca for generations due to the thermal waters and attractions such as Oaklawn Park, a thoroughbred racing facility; Magic Springs & Crystal Falls theme parks; a fine arts community that has earned the city the No. 4 position among “America’s Top 100 Small Arts Towns”; the Hot Springs Music Festival; and the Hot Springs Documentary Film Festival, held each October at the historic Malco Theater, one of the top documentary festivals in the world,[citation needed] attracting numerous Academy Award-winning films and producers.
Hot Springs is also home to Oaklawn Park, a thoroughbred racetrack which has been in operation since 1904. The meet which is annually held from January through mid-April each year is sometimes referred to as the "Fifth Season" and features the "Racing Festival of the South" during the last week of the racing season each April. Many Triple Crown contenders compete in the Arkansas Derby, which is the big finale each year of the meet. Former U.S. President Clinton, his brother Roger, and Billy Bob Thornton, all Hot Springs natives, have been known to frequent Oaklawn Park in the past.
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Educational institutes and conventions are also important events in the spa city. Perhaps the most popular of these events is the Hot Springs Technology Institute (HSTI), drawing over 1300 participants each June. Hot Springs is also home to the annual alternate reality game Midnight Madness, based on the movie from which it gets its name. Teams race throughout the city at night, solving clues based on difficult puzzle and physical challenges. Games last 12 hours or more, with the winning team designing next year's game.