I would almost bet that if you asked the average person what the most haunted city was in Arkansas, you'd get a response of "Eureka Springs". No doubt about it, Eureka Springs has a tremendous amount of paranormal activity, and the Crescent Hotel is known world-wide as one of the most haunted hotels in North America.
I would argue, however, that Hot Springs probably has more haunted locations in one area than Eureka Springs. Keep in mind, we don't disclose private residences that are haunted (unless the owner gives specific permission), so when you see lists of haunted locations in a particular town, you're only seeing the "public" locations. Hotels, other businesses, cemeteries, schools, universities, libraries, etc.
Many in the paranormal community believe that what lies underground can help to power paranormal activity above-ground - almost like a battery that holds paranormal energy. Limestone underlies much of Hot Springs, and that limestone is filled with water. Hot water, filled with all sorts of minerals, to be precise. I suspect this combination helps to drive much of the activity in the city.
And let's not forget the history of Hot Springs. The town has a lot of darkness in it's past - gambling halls, saloons, brothels, and all the violence that goes along with those kinds of businesses. And recall that Hot Springs was a playground for the mafia back in the day, and was a favorite getaway for Al Capone.
