Sketch does not work without delay() or other complex functions like digitalWrite()
As majenko answered in the comments, the blinking rate will be so fast you can not see it.
Also it is possible that without the delay the optimizer removes the whole counting. So increasing the number as proposed by majenko may not even work due to compiler optimisations.
Using a method based on counters is a very unreliable way to use timings.  

Look at the blinkwithout delay example as proposed by Dirk.
It boils down to using millis() for timing. millis tells you how many millis the arduino is running.

void loop() {
  // here is where you'd put code that needs to be running all the time.

  // check to see if it's time to blink the LED; that is, if the
  // difference between the current time and last time you blinked
  // the LED is bigger than the interval at which you want to
  // blink the LED.
  unsigned long currentMillis = millis();

  if (currentMillis - previousMillis &gt;= interval) {
    // save the last time you blinked the LED
    previousMillis = currentMillis;

    // if the LED is off turn it on and vice-versa:
    if (ledState == LOW) {
      ledState = HIGH;
    } else {
      ledState = LOW;
    }

    // set the LED with the ledState of the variable:
    digitalWrite(ledPin, ledState);
  }
}